Lates News

MHA economic adviser Joe Nellis wrote that the Bank of England needs to see a more stable global economic background before it will start cutting interest rates again. Nellis said the Bank's decision to keep rates unchanged at 4.25% on Thursday was widely expected, but may still be unwelcome for the UK government, which is eager to see economic activity stimulated. However, he pointed out that previous rate cuts by the Bank had made the current policy environment more favorable compared to a year ago. Nellis said, "Once we see some degree of calm restored in the global economy, we can expect the Bank to cut rates again and resume the progress made last year."