The Bank of England is anticipated to keep interest rates unchanged for the third week in a row, as new data indicates potential fractures in the economy.<\/p>\n\n\n\n
To reduce inflation, the central bank raised interest rates 14 times in a row, reaching a 15-year high of 5.25 per cent in August this year.<\/p>\n\n\n\n
After noting an increase in the pace of inflation, Bank of England policymakers held rates in September and November.<\/p>\n\n\n\n
The next meeting comes on the heels of significant economic statistics from the Office for National Statistics (ONS) last week, which also revealed signs of economic slowing.<\/p>\n\n\n\n
The Office for National Statistics (ONS) reported today that the UK GDP declined 0.3% in October due to adverse weather in the manufacturing and construction sectors.<\/p>\n\n\n\n
Wage growth has decreased at the fastest rate in two years, according to government data released yesterday.<\/p>\n\n\n\n
Regular wages in the private sector, excluding bonuses, increased by 7.3% in the three months to October, down from 7.8% in the previous three months, indicating a softening in the labour market.<\/p>\n\n\n\n
As a result, economists are now expecting more interest rate decreases next year.<\/p>\n\n\n\n
Interest rate decreases of 0.75 percentage points were previously priced into financial markets for 2024.<\/p>\n\n\n\n
The\u00a0Bank\u00a0of\u00a0England\u00a0has\u00a0warned\u00a0that\u00a0rising\u00a0interest\u00a0rates\u00a0could\u00a0cause\u00a0almost\u00a0one\u00a0million\u00a0people’s\u00a0mortgage\u00a0payments\u00a0to\u00a0rise\u00a0by\u00a0more\u00a0than\u00a0\u00a3500\u00a0per\u00a0month\u00a0by\u00a0the\u00a0end\u00a0of\u00a02026.<\/p>\n\n","protected":false},"excerpt":{"rendered":"
The Bank of England is anticipated to keep interest rates unchanged for the third week in a row, as new data indicates potential fractures in the economy. To reduce inflation, … <\/p>\n