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Someone is getting more worried than Bank of England (BOE) over weaker economic dockets, and that is David Camron, incumbent Prime Minister of UK and leader of the conservative party.
A stronger UK's economic prospect is sure to keep him, well placed in the race for 2015 election, which is scheduled for May 7th.
- Today UK's production data surprised to the downside. Industrial production grew 0.1% m/m in February compared to 0.3% expected and -0.1% earlier. Manufacturing production grew 0.4% m/m, however 1.1% y/y compared to 1.9% previous.
- Moreover UK's trade balance with EU worsened to record deficit of £ -21 billion for three months till February.
- GDP is growing at best rate among OECD countries, however manufacturing sector continue to pose weakness. Statistically speaking both manufacturing and construction has not reached pre crisis level, except for services.
However all that worries BOE is not bad for Mr. Cameron.
Consecutive 23rd monthly fall in shop prices is making BOE worried of deflationary pressure, whereas lower prices keeping consumers happy. That will work in favor of Mr. Cameron.
Pound has been hit badly since yesterday. Currently trading at 1.461 against dollar.
