Press releases

Interest rates: Deloitte chief economist comments

2 November 2017

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

“Today’s rate hike has been on the cards for eight weeks. Short of walking down Threadneedle Street wearing a sandwich board telling us that the Bank was about to raise rates Mr Carney couldn’t have made his intentions clearer.

“The Bank is on a tightrope, it wants to dampen down inflation and consumer borrowing without knocking out the UK consumer. Incomes are shrinking and households need cheap finance.

“Today’s rise is a warning shot, not the start of quick fire campaign of rate hikes. With the Bank labouring the risks to growth we are heading into the most cautious, tentative rate hike cycle in modern history.”

End

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

Member of Deloitte Touche Tohmatsu Limited.

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