0958 GMT - The unexpected surge in U.K. economic activity in December, by 0.4%, reduces the chance that the Bank of England will cut its interest rate in March, Berenberg's Andrew Wishart says in a note. An increase in services output, supported by signs of a strengthening in consumer spending over Christmas, raised GDP well above the consensus forecast, he says. "This will reassure the BOE that the economy is not suffering from a sudden slump in demand, and therefore reduces the chance of an interest-rate cut at the next meeting," Wishart says. While there are reasons for caution, including that domestic demand rose exclusively due to increases in government spending and stock building, there is no sign of a consumer collapse either, he says. (edward.frankl@wsj.com)
(END) Dow Jones Newswires
February 13, 2025 04:58 ET (09:58 GMT)
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