What has happened in the UK economy recently?

GDP 3rd quarter growth dropped to 0.5%, largely due to a weak construction sector.

Private sector wages are growing at their fastest rate for 13 years at approximately 3.5% in real terms in the three months to August. However this is partly due to the very low inflation we have experienced in recent months.

The unemployment rate has dropped from 5.5% to 5.4% in the three months to August, the lowest since Spring 2008 and deflation has returned with the September rate being -0.1%.

Oil demand is predicted to fall still further, suggesting prices will remain low throughout 2016 according to the International Energy Agency.

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