Christine Lagarde’s doubts about Brexit have a ‘sense of growing optimism’
BREXIT basher Christine Lagarde admitted our economy is on the up — while a US rate rise confirmed “a sense of growing optimism”.
The INTERNATIONAL MONETERY FUND chief wrote in a blog the UK shows “stronger-than-expected economic activity”.
Her revised forecast suggests the Washington-based IMF will raise its growth forecast for the UK next month.
It came hours before the FTSE 100 edged towards a record high and it was revealed the UK unemployment rate in the three months to January fell to 4.7 per cent — its lowest since the summer of 1975.
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Ms Lagarde, wrote of a “sense of growing optimism” due to stronger activity “suggesting that the world economy may finally snap out of its multi-year convalescence”.
The Federal Reserve later decided to raise its rate by 0.25 per cent to a range from 0.75 per cent to one per cent in a sign of the US ecomony’s growing strength. Dennis de Jong, of currency trader UFX.com said: “Donald Trump’s grand plans for infrastructure spending have signalled an about-turn.
“After one rate increase in ten years, we’ve now seen two in three months, and plenty more are expected for 2017.”
The FTSE 100 closed up 10.79 points for the day at 7368.64, just short of all-time high of 7382.90.
Rate ‘to be held’
THE BANK OF ENGLAND is expected to keep its interest rate on hold today despite US rise.
The Monetary Policy Committee are widely tipped to keep the rate at 0.25 per cent in their last meeting before Article 50 is triggered.
The market is pricing in a 75 per cent chance that rates will still be at 0.25 per cent at the end of this year.