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00:00:01
>> British Prime Minister Theresa May was at her final EU summit Thursday night before launching Brexit. The message, It's time for divorce talks to begin.>> It's time to get on with leaving the European Union and building the independent, self-governing global Britain the British people have called for.
00:00:20
>> At home, businesses are still coming to grips with their changing reality. After a strong end to 2016, industrial output, manufacturing, and construction all fell in January. The last two by more than expected. The question now, is this a minor glitch in what's mostly been a positive period?
00:00:39
Reuters, Bill Shamberg, in London, says things are starting to look brighter.>> Well, today's data actually shows that in January things were a little weak. But, if you look at the three months to January, which is what people tend to do to get a better sense of what's really going on.
00:00:56
Things are actually quite good. Manufacturing had its best three month period in nearly seven years, and exports are showing signs of a pick up too. Now, this is what supporters of Brexit had been arguing before the referendum, that a fall in the pound wasn't necessarily bad news. It's probably too soon to say that there's significant help for exporters coming through from the fall in the pound.
00:01:18
But there are signs of this rebalancing of the British economy that people have been hoping to see for a long time. Might just be starting to happen at the edges.>> Sterling's weakness post referendum has spurred factory production and exports, but it's taking a toll on consumers. Accountancy firm BDO says, retail sales dropped for a third straight month in February.
00:01:41
And a Bank of England survey shows the public expects an even sharper rise in inflation, 2.9% over the next year. Driving down the spending power of households who've kept the UK economy afloat.
00:01:53
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