UK data is really irrelevant - BBH

Research Team at BBH, suggests that the UK data is really irrelevant but it offers a bit of a base case of how the UK was performing before the Brexit shock hit, even if some uncertainty bled into an already moderating economy. 

Key Quotes

“Growth in Q1 is expected to be confirmed at 0.4% for a 2.0% year-over-year pace.  The Q1 current account deficit is expected to have narrowed to GBP28 bln from nearly GBP33 bln in Q4 15.  Is there not some chance that Brexit makes it more difficult (expensive) to finance?  Will it worsen?  The June manufacturing PMI is expected to be confirmed at 50.1, leaving it average Q2 more than a full index point below the Q1 average.  However, sentiment has been worse than actual manufacturing output.  Will the two converge now?”