Most economists think policymakers at the Bank of England will opt to reduce interest rates to 4.75% on Thursday. UK Interest rates (PA Graphics/PA)Andrew Goodwin, chief UK economist for Oxford Economics, said the outcome of the Bank’s Monetary Policy Committee (MPC) meeting “looks virtually certain”, although some members could still opt for rates to be kept the same. “But it does question our long-held view that rate cuts will speed up from now on. This could prompt policymakers to keep interest rates higher for longer, with knock-on implications for monetary policy in the UK. The US Federal Reserve will also announce the nation’s interest rate on Thursday, with financial markets also betting on a 0.25 percentage point reduction.

Source: The Star November 07, 2024 02:57 UTC