Deloitte comments on today's interest rate decision
Commenting on today’s interest rate decision from the Bank of England, Ian Stewart, chief economist at Deloitte, said:
“The UK is in for a period of high inflation, but one that will pass next year as the effects of sluggish activity, higher unemployment and slowing wage growth feed through. For the Bank of England, concerns about weakening growth have, in the end, won out over concerns about inflation.
“The inflation shock of 2022-23 was longer lasting and more persistent than the Bank of England expected. Today’s vote to cut rates shows that the Monetary Policy Committee expects this period of inflation to be milder and shorter lived.”
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