UK to Set out Plans to Rely Less on BoE for Growth – PM’s Adviser

Chancellor Philip Hammond will set out next month how Britain will try to rely less on ultra-low interest rates that have hurt savers, and focus more on other ways to boost growth, an adviser to Prime Minister Theresa May said.

In a speech on Wednesday, May said there had been bad side-effects from the Bank of England’s emergency measures to protect the economy since the financial crisis and the time had come for a new approach to spurring growth.

The head of her policy unit, George Freeman, said the government had to “listen to the roar that we heard this year”, when voters decided by a narrow majority that Britain should leave the European Union in what was seen as a protest over living standards.

Reuters

USD/CAD Canadian Dollar Rises on US Oil Inventory Drawdown

XAU/USD – Gold Stabilizes, US Post Mixed Numbers

WTI/USD – Crude Closes in on $50 as Crude Stockpiles Dive

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.