Photogallery Uk bank of

England base rate

Martin WealeMartin Weale signalled he was not ready to back a reduction. (Photo: Birmingham Mail)

A Bank of England bigwig has played down talk of a base rate cut next month.

Martin Weale, a member of the monetary policy committee, signalled he was not ready to back a reduction.

The pound strengthened against the dollar following his comments.

Many economists were caught out last week when the Bank voted to freeze its base rate at a record low 0.5%.

Most now think the monetary policy committee will cut the rate at its next meeting on August 4.

Read More

However, others believe it may use other tools – including injecting funds into lenders through quantitative easing, or increasing the Funding for Lending scheme.

Many economists were caught out last week when the Bank voted to freeze its base rate (Photo: PA)

He said: “In contrast to the experience of 2008, I do not have any sense that either consumers or businesses are panic-struck and, as I observed, there have been no material signs of financial panic.”

Source: www.mirror.co.uk
Share this Post

Related posts

Whats the Bank of England base rate

Whats the Bank of England base rate

AUGUST 11, 2022

Despite being talked about for years, it probably came as a bit of a surprise to most people when the Bank of England announced…

Read More
Bank of England base rate predictions

Bank of England base rate predictions

AUGUST 11, 2022

Bank of England Photograph: Peter Macdiarmid/Getty Images Like John Major’s early 1990s government, the Bank of England gives…

Read More