The Bank of England looks set to keep interest rates on hold next week but also stress that it is far from relaxing its fight against Britain's high inflation rate, despite growing worries about a recession.
The BoE's job of getting inflation down to its 2% target from 6.7% in September - the highest among the world's rich economies - has been complicated by uncertainty about how much of the impact of its 14 rate hikes to date has yet to be felt.and by investors to keep Bank Rate at a 15-year high of 5.25% on Nov. 2, repeating September's decision when they put their long run of rate increases on hold.
So far, investors are not challenging the BoE's message that interest rates will stay high for a considerable period. But Pill has also said the outlook - like the top of Table Mountain on many days - is shrouded in cloud, giving the BoE room to help the economy if it slows more quickly than expected.The BoE will update its quarterly forecasts which in August showed economic growth of just 0.5% in both 2023 and 2024. Bailey spoke this month of a "very subdued" outlook.among Group of Seven economies in 2024 with the BoE probably having to keep borrowing costs high.
Although inflation is expected to resume its fall in October, reflecting the surge in energy prices a year ago, rising global oil and gas prices, caused by the conflict in the Middle East, may add to inflation pressures ahead.
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