Two leading City institutions have cancelled predictions of an EU referendum recession and revised their economic forecasts higher in response to better than expected surveys.
Economists from Credit Suisse and Morgan Stanley lifted growth predictions for 2016 and 2017, removing the expectation of a recession, but they said the Brexit vote would still slow growth.
The upward revisions followed good August results in the three main purchasing managers’ surveys — for the services, manufacturing and construction sectors.
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