LONDON – The Bank of England halted its long run of interest rate increases on Thursday as the British economy slowed, but said it was not taking a recent fall in inflation for granted.
It cut its forecast for economic growth in the July-September period to just 0.1 per cent from August’s forecast of 0.4 per cent and noted clear signs of weakness in the housing market.Record growth in workers’ pay, which has been a big concern for the central bank, was not backed up by other measures of the labour market, it noted, suggesting the BOE’s policymakers expected it to slow down soon.
Governor Andrew Bailey and other MPC members have recently suggested the BOE was close to pausing its run of interest rate increases, but they have also stressed that borrowing costs are likely to remain high to ensure inflation pressures are squeezed out of the economy.
Source: Financial Digest (financialdigest.net)
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