U.K. think-tank the National Institute of Economic and Social Research says that the U.K. economy will contract by 0.9% next year with consumer spending down by an expected 3.4%, business investment down by 3.8% and private housing investment down by 17.1%
Meanwhile former BOE MPC member Sushil Wadhwani is on the wires recommending the Bank of England cut rates 100 bps in November. Cable is struggling to build on its earlier recovery, presently back at 1.6260 in very nervy, choppy, trade. One can only imagine what the liquidity is like in the cable market at present.
