Press releases

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

16 June 2022

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

Today’s UK interest rate rise is part of a major tightening of monetary policy across the industrial world. For the first time in more than 20 years the Bank of England is tightening monetary policy in anticipation of a major economic downturn.

“With inflation now likely to peak around 11% - and interest rates set to rise significantly from here - the squeeze on consumers is intensifying. Whether or not the economy falls into recession, conditions are likely to feel recessionary for many consumers and corporates.”

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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 deloitte.com/about 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.

For more information, please visit www.deloitte.co.uk.

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