The fiscal loosening announced in the Autumn Budget has prompted us to raise our forecasts for GDP growth and interest rates. In our base case, which assumes a Brexit deal is secured, we now expect GDP to rise by 2.2% next year and by 2.0% in 2020 (up from 2.0% and 1.8% respectively). We have also pencilled in an additional 25bps increase in interest rates.
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