Lates News

The Bank of England may cut interest rates again on Thursday due to increased taxes and consumer caution hindering economic growth in the UK and prompting businesses to slow down hiring. The Monetary Policy Committee is widely expected to cut the base rate by 25 basis points to 4% and continue the quarterly rate-cutting pace. Dan Hanson, Chief UK Economist, said, "We believe the Bank will cautiously signal more rate cuts - inflation is higher than expected and price expectations remain high." Bank of England Governor Andrew Bailey insists that the recent surge in price pressures will be temporary. Officials will release a quarterly forecast update after inflation exceeded the May forecasts.