British Economy Has Held up Well Against Iran War, PM Switch
Dow Jones
Aug 21
1513 GMT - The further rise in U.K. PMIs and consumer confidence at its highest level in two years suggests households and businesses have taken the Iran war and government change of administration remarkably well, RSM U.K.'s Thomas Pugh says. "If we're not careful, we might have to stop talking about resilience and actually start talking about a reasonable economic performance this year," he says in a note. The second half looks more challenging, with oil prices rising again and inflation set to climb to 3.5%. The government's budget announcement has the potential to make or break the final quarter, Pugh says. "A repeat of the confidence-sapping speculation about tax rises will cause growth to slow sharply. However, the economy is clearly holding up so far this year."
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