UK: New budget and extra BoE rate hikes – UOB – by pabspiovano UnitedKingdom Banks
Economist at UOB Group Lee Sue Ann comments on the announcement of the Growth Plan by Chancellor K.Kwarteng.“UK Chancellor Kwasi Kwarteng unveiled his Growth Plan last Fri with the aim of tackling high energy costs and inflation and delivering higher productivity and wages. His package of tax cuts was the biggest since 1972.”
“The obvious implication is that interest rates are likely to be higher for longer, with speculation even of a possible inter-meeting rate hike by the Bank of England , which we are not ruling out. We now look for the BOE to increase rates to 4.25% by year-end and 5.25% by end-1Q23.” If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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