July 20, 2018 / 11:07 AM / 10 months ago

UK PMI data suggests Q1 weakness was temporary - BoE's Tenreyro

FILE PHOTO: Construction cranes are seen on a building site in central London, Britain, July 31, 2017. REUTERS/Hannah McKay/File Photo

LONDON (Reuters) - A recovery in business surveys suggests that weakness in Britain’s economy in the first three months of 2018 was related to unusually cold and snowy weather, a Bank of England rate-setter said in a newspaper interview published on Friday.

“The PMIs (purchasing managers’ indexes) on output were positive and confirm in some sense the assessment that we had in our central forecast that the soft patch was snow-related,” Silvana Tenreyro told London’s Evening Standard.

Asked if she was getting close to voting for a rate hike at the BoE’s next meeting in August, she said: “I will watch very closely the data we have in the coming weeks and I don’t want to say more than that.”

Reporting by David Milliken, editing by Andy Bruce

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