Daily Management Review

Reuters: The Bank of England will raise the rate only in May


03/22/2018


The Bank of England will stick to its rate of interest rate increase in May, according to a study by Reuters.



MatthewW191 via pixabay
MatthewW191 via pixabay
Last month, the head of the Bank of England Mark Carney and his colleagues surprised the markets, saying that the rate of growth rates could be higher than expected, due to a strong global economy and an inflation rate that exceeds the target.

No economist surveyed by Reuters expects the Bank of England to continue the November rate hikes - the first since 2007 - at the March meeting. But most believe that the Bank of England will increase borrowing costs from the current level of 0.5% at a meeting in May.

This week, Prime Minister Theresa May agreed with the European Union on the transition period after Brexit, which became a stumbling block in the negotiations. This will allow Britain to maintain trade relations with the EU unchanged until March 2020.

Another sign that the Bank of England will raise rates in May is data on the restoration of wage growth in Britain.

The growth in basic wages accelerated to 2.6% in November-January, according to the National Statistical Office (ONS).

The employment level returned to a record high. The unemployment rate fell to 4.3%, which corresponds to a minimum since 1975, compared with 4.4% in October-December 2017.

The number of British workers in November-January grew stronger than expected: by 168 thousand to a record 32.2 million.

source: reuters.com






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