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UK's economic data catches many by surprise this week, says Pelican founder

Mike Read, co-founder at trading house Pelican, mulls over this week's raft of UK economic data which includes stats on jobs, retail sales, inflation and public finances.

He said he believes most of it has caught people by surprise, notably the better than expected unemployment figure and strong retail sales. "Post-Brexit, it's all looking much better than people had expected."

Read says the Bank of England may have "jumped the gun" a little bit on cutting interest rates, and may not have made the cut  had they waited for this week's data.
Plus he'd be very surprised to see a further cut in November as the UK is showing signs of resilience and confidence.

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