Press releases

Deloitte comments on today's interest rate decision

9 May 2024

Commenting on today’s interest rate decision from the Bank of England, Debapratim De, senior economist at Deloitte, said: 

“Although inflation is expected to fall below the Bank of England's 2% target this month, price pressures haven't fully dissipated. For the Bank to judge inflation as beaten, wage rises and services pricing need to moderate.

“With tomorrow's GDP data likely to show that economic activity is picking up, the Bank is understandably in no hurry to cut rates. Given the strength of the labour market and improving growth prospects, we might have to wait until autumn for conclusive evidence of abating price pressures and the Bank's first interest rate cut.”

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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