Cazenove's Jeffrey: The UK... we have lift-off

UK

Judging by recent headline data releases, it is the UK economy that is proving the surprise package during 2013.

Politically, the timing could hardly be better, although a marked pick-up in momentum carries its own risks – a rising feel-good factor among households is not always consistent with balanced growth in the wider economy, as underlined by recent trade figures. Political will The counter-balance to what politicians might want to engender ought to come from what the Bank of England thinks is prudent. But Governor Mark Carney has already told us he does not anticipate raising interest rates before an election. Of course, while he may have locked himself into a somewhat narrow policy cor...