UK soft on Brexit? Not so convinced - BBH

Analysts at Brown Brothers Harriman noted that the main economic data from the UK this week is in the form of the three PMIs.  

Key Quotes:

"The readings are expected to be fairly stable."

"The BOE has argued that the recent softness of the UK economy is due to Brexit."

"We are not convinced this is the case. It is difficult to distinguish noise from the signal in high frequency data, and the UK economy appeared to be slowing prior to the focus on the referendum."

"The eight-quarter average growth peaked near 0.7% in Q4 14 and H1 15 and has slipped back to 0.6% for the last three-quarters. The BOE clearly does not want the UK to leave the EU, but it needs to be careful how it makes its arguments or its risks its credibility of objective economic analysis."