UK GDP growth picked up in Q3 but this bounce is likely to be fleeting, judging from latest downbeat business surveys.
The US economy is humming and wage pressures are building, keeping the Fed on track for another modest tightening in September. UK growth, however, remains lacklustre with manufacturing in the doldrums. A BoE rate hike appears a distant prospect.
Some crumbs of comfort for the UK economy, but the outlook remains uncertain