Interest rates: Deloitte’s chief economist comment

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

“Until recently it looked like a racing certainty that the Bank would hike today, but weak growth and inflation knocked that prospect on the head. So the MPC, quite reasonably, followed Keynes’ supposed dictum that “when the facts change, I change my mind”.

What has not changed however is the Bank’s view that the UK economy is running out of capacity. That leaves the door open for a rate rise later this year – provided that things pan out roughly as the Bank expects.”

End

Notes to editors

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