The Bank of England will probably need to raise interest rates sooner than finan...
SOUTHAMPTON, England - The Bank of England will probably need to raise interest rates sooner than financial markets expect, policymaker Michael Saunders said on Monday, adding his voice to an unexpectedly hawkish message from the central bank’s chief economist on Saturday.
Financial markets currently think the BoE is more likely to cut rates than to raise them over the coming year, reflecting signs that trade conflict between the United States and China is hurting the world economy, and a dovish shift by the U.S. Federal Reserve. “I want to stress that the MPC does not necessarily have to keep rates on hold until all Brexit uncertainties are resolved,” Saunders added, noting the BoE had raised rates twice since Britain voted to leave the EU, in November 2017 and August 2018.
Many carmakers temporarily stopped production in April due to fears of disruption to imports of components around the March 29 date when Britain had been due to leave the EU, and were unable to change plans after Prime Minister Theresa May announced a delay until Oct. 31.
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