Week in Review - 24th February, 2012

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↑ Public sector financesThe monthly current budget showed a surplus of £11.8bn in January 2012 as tax receipts were bolstered by self-assessment tax returns. Net debt was £988.7bn, equivalent to 63% of GDP compared with 58.3% a year ago.
↑ MPC minutesThe bank rate was held at 0.5% and the asset purchase programme was extended by £50bn to £325bn. All nine members of the monetary policy committee voted to extend the asset purchase programme. Two members voted for a £75bn increase.
↔ GDP (2nd estimate)ONS confirmed its estimate that GDP contracted by 0.2% in the final quarter of 2011. Business investment acted as a drag on growth, but net trade provided a positive contribution due to increased exports to non-EU countries.
↓ Business InvestmentBusiness investment contracted by 5.6% in the final quarter of 2011. Manufacturing investment also fell, by 2.4%.
The week ahead
Thu 1st: Manufacturing PMI


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