Suren Thiru, Economics Director at ICAEW, responded to today’s interest rate decision by the Bank of England’s Monetary Policy Committee (Thursday 2 November 2023):
“The decision to keep interest rates on hold and the increased number of Monetary Policy Committee members voting for this outcome are further evidence that rates have now peaked.
“While this interest rate hiking cycle may be over, the lagged impact of previous tightening means the protracted squeeze on mortgage holders, businesses and the broader economy is far from over.
“With the Bank of England expecting the economy to weaken further, the case for interest rate cuts is only likely to increase.”
ENDS
Notes to editors:
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