UOB expects the Bank of England to raise interest rates by that rate!

2023-05-10 10:57:36

Bank of England

In a note published on Wednesday, the economist at the giant Singapore investment bank explained UOB Lee Soo An said that the Bank of England is widely expected to raise its key interest rate by 25 basis points at the Monetary Policy Committee meeting tomorrow, May 11th.

The bank note also dealt with some comments on the economic conditions and their impact on the decision of the Bank of England, the most prominent of which were the following:

• The latest data from the UK indicates that the economy is holding together and that inflation is still very stubborn, resisting a slowdown.
• We now expect the Bank of England to raise interest rates by 25 basis points in May, however this will have more negative effects on the already difficult economic conditions the UK is facing.
• The Bank of England will be cautious as a result of the continued weak economic growth due to the Corona pandemic and the ongoing negative effects of Britain’s exit from the European Union.
• However, the Bank of England may have to continue raising rates to counteract the economic misery exacerbated by the impact of food and energy price inflation and its reinforcement of the cost-of-living crisis, the effects of which are most felt by lower-income households.

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