Press releases

Deloitte chief economist comments on today's interest rate decision

22 September 2022

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

“Hiking rates when the economy is heading into recession and inflation close to a peak testifies to the Bank’s concern that inflation has become embedded in the system.

“The Bank is unlikely to stop raising rates until price pressures and labour shortages have eased significantly.

“We expect rates to double by the middle of next year, causing a significant tightening of credit conditions, and adding to the downward momentum in the economy".

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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 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.

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

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