The headline economic data release yesterday was the inflation figure for October, which held steady at 2.4%. Analysts had been expecting a slight increase to 2.5% and the ups and downs of inflation in recent months have been linked to the pound’s performance. The pound will almost certainly have a bad day today as it is almost exclusively governed by Brexit developments (or lack of).
Theresa May managed to get her Cabinet to support her Brexit withdrawal agreement, but any relief she felt is bound to have dissipated by now; Raab has resigned this morning, saying that he cannot support the terms proposed. A crazy day beckons.
Today we have retail sales figures for October which are expected to have held steady at 3%. We will also no doubt get further reaction to yesterday’s events.