The outlook for the world economy in 2020 is looking better.

We have just had a trade deal between the US and China, which means one of the drags on economic activity is going to fade.

That is the uncertainty the US-China trade talks have created. It has been a drag not just on trade but also on capital spending and business planning.

We think that will lift a bit in 2020, enabling companies to do more spending. It will probably help to lift confidence throughout the world economy.

The other factor we think is going to help is the easing of monetary policy that took place in 2019, which is feeding through into stronger borrowing and stronger spending.

The final point, and a very domestic one, but helpful for not just the UK and Europe is it looks like Brexit is going to be settled. At least an exit plan between the UK and Europe will be decided by the end of January.

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