Bank of England set to stay in central bank slow lane, keep rates on hold

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Bank of England set to stay in central bank slow lane, keep rates on hold - Business Standard

Quick Summary:

The BoE has cut Bank Rate only twice from a 16-year peak, helping to make sterling the only currency from the Group of 10 leading economies that has not fallen against the US dollar in 2024.

The BoE is worried that tax increases on employers will lead to higher prices too - a survey published by the central bank showed more than half of employers planned to pass on some of the cost.

The state of Britain's labour market could yet cause the BoE to rethink its gradual approach if signs of nervousness among employers after the budget turn into a hiring slump.