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MPC's caution is likely to continue after Trump's win
The Guardian
|November 08, 2024
Rachel Reeves may count herself lucky that the news this week has been dominated by Donald Trump's return to the White House rather than the Bank of England's latest decision on interest rates.
It was always nailed on that the Bank would deliver a November cut in interest rates, and borrowing costs have duly been shaved from 5% to 4.75%.
Of more interest was what happens next and here the message was that the budget has made the Bank's monetary policy committee (MPC) warier about the pace of future policy easing.
The Bank estimates that the increases in spending announced by Reeves last week will mean quarterly growth in a year's time will be 1.7% as opposed to the 0.9% it was forecasting in August.
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