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Deloitte chief economist comments on the Bank of England's interest rate decision

05 August 2021

Commenting on the latest interest rate decision and monetary policy report from the Bank of England, Ian Stewart, chief economist at Deloitte, said:

“A supercharged recovery has hit supply bottlenecks earlier than the Bank expected. The pace of growth in inflation is challenging the view that rising prices are a temporary phenomenon.

“Given the strength of the recovery it’s hardly surprising that the Bank has signalled that some tightening of policy is likely to be needed in the next two years. If there is no other major wave of COVID-19 during the winter and the economy performs in line with the Bank’s forecasts, the first rate rise is likely to come in the spring or early summer of next year.”


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 NSE 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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