Monday Macro – the UK in 18 charts
A quick spin through the charts that map out the UK’s economic situation. Plus a truly worrying chart that shows how traditional energy stocks have absolutely thrashed renewable stocks.
more Daily Shot charts, this time focused on the UK
the mainstream narrative about the UK economy is grim, especially from the BoE in 2024
the numbers suggest that consumer and business confidence isn’t that bad in fact
the housing market looks in decent shape
as does the labour market
but prices and wages are still rising well above the long-term average
we have a UK inflation problem again
real rates are actually negative in the UK as opposed to Europe and the US
that implies either that rates need to rise further or
we should expect a sharp deflationary slowdown in 2024
2024 BoE forecasts are grim, with near zero growth through to 2025 and rising unemployment
We finish with a terrible chart showing how old energy stocks have trounced new energy-renewable stocks
It’s bad news for the planet if this is an investment signal!
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