BOE cuts bank rate by 25 bps to 4.75%, as expected ...Middle East

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BOE cuts bank rate by 25 bps to 4.75%, as expected
source : forex live ( Middle East ) () 37
Prior 5.00%Bank rate vote 8-1 vs 7-2 expected (Mann dissented to keep bank rate at 5.00%)There has been continued progress in disinflationBut domestic inflationary pressures are resolving more slowlyMost of the remaining persistence in inflation may dissipate quicklyThis as pay and price-setting dynamics continue to normalise following the unwinding of the global shocksThe combined effects of the measures announced in Autumn Budget 2024 are provisionally expected to boost the level of GDP by around 0.75% at their peak in a year’s timeThere remains significant uncertainty around the outlook for the labour marketData are difficult to interpret and wage growth has been more elevated than usual

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