Press releases

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

03 February 2022

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

“With the economy recovering, inflation heading to 7% and interest rates near record lows the case for higher rates has rarely been more clear-cut. Vaccines have blunted the impact of the Omicron wave, giving the Bank of England the green light to raise interest rates for the second time in six weeks.

“As pandemic risks ease, economics is in the driving seat of monetary policy again, pointing to at least two more rate hikes this year.”

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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 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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