The Bank of England released its quarterly inflation report which showed that production output in the last six months of year stabilized while it is projected that economic growth will expand gradually. The weaker pound supported growth of course next to the stimulus measures and the BoE reducing interest rates to the lowest since the bank's foundation in 1694.

Regarding the credit system, it remains tight while as there is more attention towards supporting public and private sector finances, is going to negatively be reflected on spending.

Turning to inflation, we saw that it climbed to 2.9% in December from the prior quarter of 1.1%, while this was as a result of the high petroleum prices and the VAT cut that took place last year, while as the VAT cut is reversed back to 17.5%, inflation will continue its rise in January.