Bank of England not yet ready to cut UK interest rates, experts say
The Bank of England’s Monetary Policy Committee, which sets the level of UK interest rates, will announce its latest decision on Thursday.
The Bank of England’s Monetary Policy Committee, which sets the level of UK interest rates, will announce its latest decision on Thursday.
Dave Ramsden said the UK is no longer an ‘outlier’ but a ‘laggard’ when it comes to its inflation performance.
UK interest rates currently sit at a 15-year high of 5.25% after hikes by the Bank of England in an effort to quash inflation.
Across the UK, houses price fell by 0.2% in the 12 months to February and private rents increased by around 9.2% in the 12 months to March.
The average price of low-fat milk was down 6.5% in March, while second-hand cars were down 8.1%.
It marks the lowest level since September 2021, but was nonetheless slightly higher than economists expected.
The Office for National Statistics is expected to reveal that Consumer Prices Index inflation was around 3.1% in March.
The Office for National Statistics is expected to reveal Consumer Prices Index inflation of around 3.1% for March.
The International Monetary Fund said the global economy has had an ‘eventful’ journey in the years since the Covid-19 pandemic.
The ONS said the jobless rate jumped to 4.2% in the three months to February, up from 3.9% in the three months to January.
Council tax, road tax, broadband, mobile, water and even stamps are all about to jump in price on or around the first of the month.
Council tax, road tax, broadband, mobile, water and even stamps are all about to jump in price on or around the first of the month.
The ONS said inflation fell to 3.4% in February from 4% in January – the lowest level since September 2021.
The slowdown in Consumer Prices Index inflation could have positive impacts for mortgages and the housing market, experts said.
The average price of low-fat milk was down 6.6% in February, while butter was down 7.6%.