The Confederation of British Industry (CBI) has outlined the possibility of a gradual improvement in the UK economy. However, in their report, the CBI point out that this will only happen in the event that the country agrees to a suitable post-Brexit trade deal that aligns with the current EU rules.
What Do They Forecast?
An announcement by Japanese Prime Minister Shinzo Abe revealed a massive fiscal spending package that is designed to boost the national economy.
Abe revealed that the package will be worth around 13 trillion yen, which is about £90 billion. This amount is to include an additional budget for this financial year, as well as extra spending that is set aside for 2020.
According to reports, the overall amount will be even higher when the likes of private sector spending is added in. This could take it up to 25 million yen (£175 billion).
The latest figures to be released by the Office for National Statistics (ONS) show that the British economy stagnated during the month of October. In fact, if we take into account the last three months, we can see that the economy has just gone through its worst spell in over ten years.
The Overall Situation
The Federal Reserve held its final meeting of the year on Wednesday this week. In it, they decided not to change the current interest rates. There was also a clear indication that we can expect little change in the foreseeable future.
The Outcome of the Meeting
The American economy is enjoying a record spell of growth that has lasted for more than a decade. However, a recent report has shown how the growth is concentrated in certain counties and cities.
What the Data Shows
The first meeting of the Bank of England’s Monetary Policy Committee following the election ended with no rate change. Members agreed to the rates being held until next year at least.
2019 was a challenging year for economies all over the planet. Difficult trading conditions led to an overall slowdown. Yet, the year is ending with some signs that a period of greater stability could lie ahead in 2020.
The Challenges Faced in 2019
Global growth was as slow this year as it has been at any time since the financial crisis 10 years ago. One of the main reasons for this was the increasing number of trade barriers around the world.
New research suggests that the post-Brexit economy in the UK will be one of the world’s strongest. In fact, it predicts a decade of growth that keeps it ahead of countries such as France, Italy and Brazil.
What Does the Report Say?
This data comes from the Centre for Economic and Business Research (CEBR). They released their annual version of the World Economic League Table (WELT). Douglas McWilliams is the Deputy Chairman of the CEBR. He said that their league table “tracks relative economic progress”.
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