We expect the Bank of England (BoE) to keep the Bank Rate unchanged at 5.25% on 21 March, which is in line with consensus and current market pricing.
We expect the Bank of England to keep the Bank Rate unchanged at 5.25% on 21 March, which is in line with consensus and current market pricing. Overall, we expect the MPC to repeat its previous communication relying on a data dependent approach. We expect a muted reaction in EUR/GBP with risks tilted to the topside. We expect the Bank of England to keep the Bank Rate unchanged at 5.25% on 21 March, which is in line with consensus and current market pricing.
As previously flagged, we do not see inflation developing materially different in the UK compared to elsewhere, a call that is increasingly gaining momentum. Wage growth continues to edge lower supported by a gradually loosening of the labour market as highlighted by both the official labour market statistics and the KPMG/REC report on UK jobs.
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