The Bank of England is closer to cutting interest rates next week than at any ti...
LONDON - The Bank of England is closer to cutting interest rates next week than at any time in the last three years, as governor Mark Carney chairs his last policy meeting and Britain finally leaves the European Union.
But there has been a bounce in business and consumer sentiment since Prime Minister Boris Johnson won re-election on Dec. 12 with a bigger than expected majority. Twinned with a tight labor market, this undermines the case for a cut by Britain’s central bank. The BoE skipped last year’s policy loosening by the U.S. Federal Reserve and the European Central Bank, partly due to the risk that Britain might crash out of the EU without a deal, requiring a more decisive policy response.
The last time the BoE cut rates was in August 2016, when business and consumer surveys incorrectly predicted the economy was on course for a sharp slowdown after June 2016’s referendum decision to leave the bloc. The challenge for the BoE is whether the economy is now recovering from a period of political turmoil in late 2019, or if this is just a hiatus before worries over longer-term trade barriers with the EU re-emerge.
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