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We recently noted the divergence between soft economic indicators and hard economic data for the U.S. and Germany. For both countries, surveys and other soft data have hinted at a severe economic recession. Actual hard economic data like employment and GDP growth, on the other hand, have performed better than expected by forecasters and surprised on the upside.
In what follows, we will have a look at whether the same can be said for the UK economy.
Soft data worse than ever before
The business and consumer outlook has deteriorated significantly in the U.K. The economy was hit by
