It's a healthy increase. It shows the retail sector is not on the brink of falling off a cliff. I still firmly believe the next move in interest rates is more likely to be up than down.
More Quotes from Alan Clarke:
Overall, this reinforces signs that we have seen the worst news on UK activity.Alan Clarke
Clearly the departure of the most hawkish member of the committee suggests a risk of a marginally more dovish balance,
Alan Clarke
Speculation that we will see deep interest rates is overdone. In the context of the widely anticipated rate cut in August, it is not surprising that the Halifax figures rose. Mortgage approvals suggest we should soon get better news on house-price inflation.
Alan Clarke
The rise in equity withdrawal is consistent with the rebound in house price inflation. It shows spending growth is increasingly dependent on equity extraction on top of take home pay.
Alan Clarke
With growth back to trend, housing market indicators trending higher and consumer spending substantially improved from the mid-2005 weak spot we continue to believe the next move in rates is up not down.
Alan Clarke
We believe that with inflation rising rapidly, and concerns among the hawks that it will be harder to bring under control ... the door has been closed to further cuts.
Alan Clarke
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