Week in Review - 22nd July, 2011

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↔ MPC minutesThe MPC once again kept rates on hold with the voting pattern on the MPC unchanged from last month. Spencer Dale and Martin Weale called for a 25 basis point rate rise; and Adam Posen called for an increase in the asset purchase programme of £50bn.
↓ Public Sector FinancesPublic sector net borrowing (excluding financial interventions) was £14.0bn June, compared with £13.6bn in June last year. This was some way above the consensus expectation of £12.5bn. Public sector net debt (excluding financial interventions) was £944.3bn (equivalent to 61.9% of GDP) at the end of June 2011 compared with £803.7bn (55.3% GDP) at the end of June 2010.
↑ Retail SalesBetween May and June the volume of retail sales rose by 0.7% while the value rose by 0.3%. Growth in the volume of sales was driven by discounting on the part of retailers.
The week ahead
Tue 26th: GDP Q2; Index of Services
Fri 29th: Lending to individuals;


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