The Bank of England looks set to leave interest rates on hold on Thursday and ke...
LONDON - The Bank of England looks set to leave interest rates on hold on Thursday and keep its options open for later in the year when it announces its first policy decision since the postponement of Britain’s departure from the European Union.
Last month, Prime Minister Theresa May secured a new Brexit deadline of Oct. 31 after she failed to get parliament to back her deal in time for the original March 29 departure date. But there are reasons for caution, including the continued possibility that May could step down over the coming months, triggering a Conservative Party leadership contest, a national election or even a second Brexit referendum.
“Heading in to this week’s BoE meeting we see more scope for a hawkish surprise than a dovish one,” Bank of America Merrill Lynch interest rates strategist Sebastien Cross said in a note to clients. Three months ago, the BoE downgraded its British economic growth forecast for 2019 to 1.2 percent, which would be the weakest since 2009. Some analysts now think that looks slightly too gloomy, despite a string of downbeat business surveys.
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