🔴 UK inflation is not expected to fall close to the Bank of England’s two per cent target until the second quarter of 2025, a delay on previous forecasts
Most economists had expected the Bank rate to increase as it did, although some had forecast it could rise by 0.5 per cent.
In June, CPI inflation was 7.9 per cent, down from 8.7 per cent in May and the lowest rate since March 2022, according to official figures from the Office for National Statistics . Governor Andrew Bailey said: “Given the significant increase in Bank Rate since the start of this tightening cycle, the stance of monetary policy is restrictive. The evidence is now clear that it is having an impact.
“If there were to be evidence of more persistent pressures, then further tightening in monetary policy would be required,” it said.if it brings down inflation, sources have said.Jeremy Hunt has not withdrawn his support of the Bank of England’s decisionThe UK is not predicted to fall into recession but experts predict growth will be slow for some time.
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