The good news just kept coming this week. The economy grew at an above-trend rate for the second quarter in a row in Q2, the unemployment rate fell to 4.2%. At 2.2%, CPI inflation is only a touch above the Bank of England’s 2.0% target. Even services inflation fell more convincingly back towards its long-run average rate of 3.5%. But we are sceptical of the suggestion that the UK is currently experiencing ‘Goldilocks’ conditions.
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