Skip to main content

Deloitte chief economist comments on today's Bank of England interest rate decision

02 February 2023

Commenting on the latest interest rate decision from the Bank of England, Ian Stewart, chief economist at Deloitte, said:

“Lower energy prices have improved the outlook for growth and for inflation. However, a year into the rate hiking, inflation in the service sector is at a 30 year high and wages are growing far faster than productivity.

“The rate cycle is approaching a peak, but the Bank will need more convincing evidence that inflation is beaten before calling time on further rate hikes.”