Spending on travel and leisure is supporting activity and has so far prevented the UK composite flash PMI from joining the euro-zone’s PMI in contraction territory. Perhaps even more encouraging was that price pressures towards the start of the inflation pipeline appear to be passed their peak. That doesn’t mean the Bank of England won’t raise interest rates further. But the debate is shifting from how high will inflation go to whether it will subsequently fall to the 2% target quickly or slowly.
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