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All is calm. That was the scene emanating from Central Banks in Frankfurt and London this week. Both the European Central Bank and the Bank of England kept monetary policy unchanged in their final meetings of the year. We expect a similar outcome next week when the US Federal Reserve meets.
For the first time, the Chancellor stood up to report improved forecasts for the economy and public finances. But despite this improved outlook, the message of the Autumn Statement was clear. The economy is doing better than previously expected, but austerity will continue in an enhanced form.