Three-quarter point reduction mooted if inflationary pressures ease
Deputy Governor of the Bank of England Ben Broadbent. Photo: Henry Nicholls/ Reuters
The Bank of England (BoE) will be able to cut interest rates “some time over the summer” if second round inflation pressures drop away as expected, deputy governor Ben Broadbent said.
In his last speech after 13 years at the UK central bank, Mr Broadbent signalled that the decision to cut rates from the current 16-year high of 5.25pc would hinge on the stickiness of wage growth and whether businesses pass higher payroll costs through to prices.
