Press releases

Interest rates: Deloitte’s chief economist comment

2 August 2018

Commenting on the latest interest rate decision, Ian Stewart, chief economist at Deloitte, the business advisory firm, said:

“The Bank has so clearly telegraphed this rate rise that markets would have been shocked had rates been left on hold.

The unanimity of the decision probably reflects the view that the UK is, quite simply, running out of spare capacity.

But sub-trend growth and a cloudy outlook hardly make a compelling case for higher UK rates.

In six months’ time this decision will look either prescient or premature. Either way it is a bold move.”


Notes to editors

About Deloitte
In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see for a detailed description of the legal structure of DTTL and its member firms.

Deloitte LLP is a subsidiary of Deloitte NWE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.

The information contained in this press release is correct at the time of going to press.

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