A mixed week on the data front saw some recovery in manufacturing output and goods exports after a dire July, but the CIPS survey for services reporting a surprise slowdown in activity. The MPC is in a holding pattern until its November meeting but, with the data sending such mixed signals, it is far from certain that the picture will be any clearer by then. The Conservative party conference saw the Chancellor announce reform of the system of business rates and the introduction of a National Infrastructure Commission. But in both cases they look more likely to have a greater impact in terms of political point-scoring than altering the economic outlook.
