-
Tenreyro Says BOE May Need to Cut Rates From Next Year
The Bank of England may need to cut interest rates next year and to under 2% in 2024 to prevent inflation falling well below target in a widely-expected recession, according to the most dovish member of the Monetary Policy Committee. Silvana Tenreyro, an external MPC member who was alone in voting for a quarter-point hike at last week’s meeting, said policy was already restrictive with rates at 2.25%. Seven of the nine MPC members voted to raise rates by three quarters of a percent to 3% last Thursday. The other dissenter voted for a half-point rise. Tenreyro said recent data showed the economy is weakening, with ... (full story)