No rate hikes in prospect for the UK – Sunday Times
According to the Sunday Times article: “The BoE’s message on interest rates in recent days was intended to be neutral, sources say, and not a signal that the MPC is contemplating early rate rises”. Sentance says: “Businesses and consumers are feeling the squeeze from higher fuel and food prices, while the difficulties in the banking system and a weakening housing market are adding to economic uncertainties. These factors should lead to much slower economic growth and a weaker labor market over the next year or so–helping to offset the upward pressure we are seeing on inflation from rising energy and food prices”.
Sentance and Tim Besley are viewed as the most hawkish members of the MPC, having voted against April’s 25bp base rate cut to 5.0%.
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