Britain’s weak economic performance gives Carney a reason to cut interest rates, before making way for Andrew Bailey. It also allows the UK to catch up with the easing the Fed and the ECB delivered last year, says swahapattanaik: ReutersFlasseur
British gross domestic product shrank 0.3% in November 2019 compared with the previous month, driven by drops in both services and production, the Office for National Statistics said on Jan. 13. GDP rose 0.6% from a year earlier, the slowest annual pace of expansion since June 2012.
Bank of England policymaker Gertjan Vlieghe told the Financial Times in an interview published on Jan. 12 that he will vote for a cut in interest rates later this month barring an"imminent and significant" improvement in the country's growth data. Vlieghe’s comments came after the Governor Mark Carney said on Jan. 9 that the Bank of England could cut interest rates if it looked like weakness in the economy would persist.
Silvana Tenreyro, another member of the UK central bank’s Monetary Policy Committee, said on Jan. 10 she would be inclined to back an interest rate cut in the coming months if growth failed to pick up.
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