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Deloitte comments on today's interest rate decision

14 December 2023

Commenting on today’s interest rate decision from the Bank of England, Debapratim De, senior economist at Deloitte, said:

“Markets see the Federal Reserve's announcement yesterday as a signal that inflation has been tamed, with rate cuts set to come sooner next year. But the messaging today from the Bank of England is understandably more circumspect.

“Inflation remains considerably higher in the UK than in the US and Europe, and the fact that three MPC members have again voted to raise rates reflects the view that price pressures here have not eased enough. Voting patterns within the MPC suggest that at this stage the Bank sees itself easing policy after, and at a slower pace than, the Fed and the ECB.”