Press releases

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

04 August 2022

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

“Today's rate hike is part of a global trend towards more aggressive monetary tightening. The Bank of England and its peers are trying to catch up with far more powerful inflationary pressures than they had expected at the start of this year.

“Confronted with the highest inflation in 40 years, monetary policy has shifted from gradualism to activism. With the UK heading for even higher rates and double digit inflation later this year it will take a lot of luck to avoid a recession.”

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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 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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