Later today The Bank
of England (BoE) will release its first Interest Rate publication for the year.
The fact that the way towards Brexit,
and its outcome, are still unsure, seems to put the growth of the British
economy at a sluggish pace.
Brexit is only 50
days away and this uncertainty may lead to BoE’s Monetary Policy Committee to
vote to keep their benchmark borrowing rate unchanged at 0.75 percent,
according to Reuters polls of economics. Experts have also said that policy
makers could hold off raising rates until there is some clarity as to what will
happen with Brexit.
Chief Economic
Adviser to the EY Item Club, Howard Archer said, “the weakened set of January PMI’s leave
little doubt that the Bank of England will remain firmly in ‘wait and see’ mode
on monetary policy at February’s MPC meeting this week, and until after the
Brexit situation becomes clearer.”
It remains to be seen
how Brexit will play out and how this will ultimately affect the economy. If
the outcome will be a no deal exit, then BoE said that “it might raise rates due to the inflationary
impact of a likely slump in the value of the pound, although most economists
think it would cut them to cushion the blow to the economy.”
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