BoE on hold as forecasts ‘broadly on track’
Future rate hikes likely if economy develops in line with projections
The Bank of England chose to keep the policy rate on hold today at 0.75%, with the economy continuing to develop roughly as policy-makers expect.
Recent macroeconomic data implies the central bank’s forecasts are currently “on track”. The UK saw moderate GDP growth of 0.4% in the second quarter, unemployment falling to 4%, and high numbers of vacancies, which point to a “very limited degree of slack” in the economy. Inflation was 2.5% in July.
Highlighting the need for caution, the monetary
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