The European Commission released its half-yearly health checks reducing its economic growth outlook for the UK to 1.5% for this year, citing Brexit-related uncertainties. On the other side the Eurozone enjoys its best year since financial crisis of 2007 supported by a pick-up in global economy and the European Central Bank’s stimulus. Leading the way to the Eurozone’s economic growth are: Spain which is expected to grow by 3.1%, Germany by 2.2%, France by 1.6% and Italy by 1.5%.
Meanwhile in the UK, Brexit secretary David Davis will resume the second day of talks this morning and he has promised that the City will be protected and will retain its competitiveness with major banks a top priority in Brexit negotiations. This comes amid reports from an EU official that no real progress was made yesterday and there is limited hope of major progress being made in the remainder of the session today. May and her government are pushing their European counterparts to outline a transition deal by early 2018 so British business does not start to relocate out of Britain, however talks are still stuck on the terms of divorce.