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

15 December 2022

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

“The Bank of England has probably done about 80% of the monetary tightening it needs to do in this cycle. A major tightening of monetary policy is feeding through the system and will act as an increasing drag on growth in 2023.

“Inflation has likely peaked, yet the labour market remains remarkably strong. But rates are unlikely to peak without clear evidence that the labour market is cooling.”