UK Expectations for Rate Hikes Lowest on Record – BoE

The proportion of British people who think the Bank of England will raise interest rates over the next year has plunged to record low, reflecting the central bank’s decision to cut borrowing costs after Britain’s Brexit vote in June, a BoE survey showed.

The BoE said 21 percent of people surveyed in August expected the central bank to raise rates in the next 12 months, down from 41 percent in May, the lowest level since the survey began in 1999.

Nineteen percent of respondents thought the BoE would cut rates in the coming year, up from just 5 percent in May and the highest level since November 2008.

Reuters

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