In what is the most eagerly anticipated monetary policy meeting for years, the Bank of England will this week announce its latest decision on interest rates alongside new forecasts for the UK economy.
The BoE’s last interest rate meeting on September 22 just preceded one of the most turbulent periods in recent UK economic history. Liz Truss’s “mini” Budget involving £45bn of unfunded tax cuts sent government borrowing costs soaring, prompted a BoE emergency intervention, and resulted in higher mortgage rates for homeowners.
New prime minister Rishi Sunak is promising a new economic strategy in the government’s autumn statement on November 17, focused on showing how debt will fall as a share of gross domestic product in the medium term.
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