Deloitte comments on today's interest rate decision
Commenting on today’s interest rate decision from the Bank of England, Debapratim De, director of economic research at Deloitte, said:
“The Bank of England has cut rates for the first time since 2020. While investors had expected this, many will agree with the four MPC members who voted to keep rates on hold that underlying price pressures persist. Given growth has recovered strongly this year, some may also question the urgency of easing.
“Nonetheless, business sector surveys and a cooling jobs market suggest that inflationary pressures should fade away over the coming year. The Bank will hope there are no surprises on that front. After all, the first rate cut following a tightening cycle is a signal that inflation has been tamed.”
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