According to the Bank of England officials, the UK economy is getting quite more bullish. The Centre for Economics and Business Research revised its projection upwards for the British economy on Monday. The organization noted that the manufacturing sector rose, while the worst scenario on consumer-spending squeeze had already buttoned up. Moreover, the macroeconomic consulting team predicted that the United Kingdom will grow by 1.6 percent for 2017, 1.4 percent for next year which shows an expansion of 1.3 percent versus the previous 1.2 percent. The changes were applied after the BOE policy makers mentioned last week regarding their thoughts to increase interest rates for the first time after a decade. Despite the risks imposed by the Brexit, the economic statistics still showed some slightly stronger figures than expected. Before the week ends, the British pound will reach 3 percent approximately as markets are pricing for a rate hike in February. Moreover, Deutsche Bank, Barclays, and Scotiabank are the banks that predicted about the increase in November.
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