(Bloomberg) -- The Bank of England will be able to cut interest rates “some time over the summer” if second round inflation pressures drop away as expected, ...
-- The Bank of England will be able to cut interest rates “some time over the summer” if second round inflation pressures drop away as expected, Deputy Governor Ben Broadbent said.In his last speech after 13 years at the UK central bank, Broadbent signaled that the decision to cut rates from the current 16-year high of 5.25% would hinge on the stickiness of wage growth and whether businesses pass higher payroll costs through to prices.
Speaking in a Q&A following the speech, Broadbent said that the economy’s behavior in the last six months has been “reassuring,” though policymakers are still “wary” after the double-digit surge in inflation. “If the process were entirely symmetric then you might expect these effects to unwind relatively quickly, within the next year or so,” he said. It took 18 months for second-round effects “to get going” and they “peaked some time last autumn,” Broadbent added. Working against those inflation threats, monetary policy is now “more restrictive now than in 2022 and the first half of last year.
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