An August hike, manufacturing rebound, Brexit deadlock

The hawkish tone of this week’s MPC Minutes supports our long-held view that the Committee will raise rates in August. Elsewhere, this week’s CBI Industrial Trends Survey provided us with some reassurance that a rebound in manufacturing growth in Q2 is in store. Finally, while the Withdrawal Bill finally passed in Parliament this week, the question of how much sway MPs will have over the negotiations if there is “no deal” by January is still largely unresolved.