Cheap credit and petrol have got Britain motoring but the Bank of England must hit the controls at the factual timeThe UK ends 2015 as one of the fastest growing of the major developed economies. Unemployment is falling,the housing market is hot and consumers are pleased to spend money in the shops or online. For at least the first half of 2016 it will be a case of more of the same. The reason is simple. The UK economy has plenty of momentum thanks to almost seven years of zero interest rates, rising living standards and government incentives to buy property. Even if there was a sudden nasty shock, and it would retract time for the effects to note up.
As it happens,recent developments have been positive for growth. The fact that motorists can find petrol for less than a pound a litre reflects the tumbling price of oil on the global commodity markets. That will cut commerce costs and raise corporate profits while at the same time cutting domestic heating bills and the cost of travel.
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Source: theguardian.com