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Remembering Harley: Graveside memorial service honours homeless Hantsport man’s life | SaltWireLONDON - The Bank of England looks set to keep interest rates on hold next week but also stress that it is far from relaxing its fight against Britain's high inflation rate, despite growing worries about a recession.
The last Monetary Policy Committee meeting in September resulted in five members voting to pause, just outnumbering the four who sought another increase. One of the four dissenters will be replaced at November's meeting, leading several economists to predict a 6-3 vote for a pause. BOE Chief Economist Huw Pill likened the outlook for monetary policy to the lofty, flat and long profile of Table Mountain during a visit to South Africa in late August.
The International Monetary Fund has said Britain is set to record the slowest growth among Group of Seven economies in 2024 with the BoE probably having to keep borrowing costs high. Although inflation is expected to resume its fall in October, reflecting the surge in energy prices a year ago, rising global oil and gas prices, caused by the conflict in the Middle East, may add to inflation pressures ahead.
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