Why borrowers must wait for help on interest rates
The Independent|September 20, 2024
Bank of England will pencil in a November cut but do not hold out for a further reduction this year, warns James Moore
James Moore
Why borrowers must wait for help on interest rates

After the US Federal Reserve went big with a 0.5 point rate cut, hot on the heels of a European Central Bank cut, some suggested the Bank of England would respond on Thursday with a cut of its own.

Those buying into this theory clearly hadn’t been paying attention, as the rate-setting Monetary Policy Committee (MPC) made clear by holding rates at 5 per cent.

Governor Andrew Bailey said the MPC will not be governed by the Fed or anyone else (and nor should it be). The MPC has also repeatedly talked about the need for a cautious approach when it comes to reducing rates – which rose sharply in response to last year’s inflationary spike – to ensure there is no repeat of that painful episode. Keeping inflation down is “vital”, it said.

Big splashy moves such as the Fed’s 0.5 cut, which was applauded on Wall Street and lit a fire under the world’s markets, are just not the MPC’s thing. After getting a firm ticking-off from Ben Bernanke, a former chair of the Federal Reserve brought in to review the Bank’s economic modelling and forecasting in the wake of its failure to predict the postpandemic inflationary surge, the MPC published three scenarios.

هذه القصة مأخوذة من طبعة September 20, 2024 من The Independent.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة September 20, 2024 من The Independent.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من THE INDEPENDENT مشاهدة الكل
Courageous Brighton rock Man City to reach top four
The Independent

Courageous Brighton rock Man City to reach top four

Brighton staged a sensational late fightback to come from behind and send Manchester City to a fourth consecutive defeat with a pulsating 2-1 win at the Amex Stadium.

time-read
2 mins  |
November 10, 2024
Doubt creeps in as England.stung at the death again
The Independent

Doubt creeps in as England.stung at the death again

Another week, another heartbreak for England and now serious questions must be asked about the direction of the Steve Borthwick project.

time-read
4 mins  |
November 10, 2024
'Guys on mopeds were beating up an Israeli... they were looking for Jews'
The Independent

'Guys on mopeds were beating up an Israeli... they were looking for Jews'

Football hooligans and ‘antisemitic hit-and-run squads' made for a volatile Amsterdam atmosphere, reports Barney Davis.

time-read
3 mins  |
November 10, 2024
Inside 4B - the women's group going on ‘men strike'
The Independent

Inside 4B - the women's group going on ‘men strike'

Zoë Beaty meets an American who's become a symbol for the growing movement of females rejecting relations with men

time-read
6 mins  |
November 10, 2024
Qatar to suspend mediation efforts on Gaza, say officials
The Independent

Qatar to suspend mediation efforts on Gaza, say officials

Qatar has decided to suspend its key mediation efforts between Hamas and Israel, officials said yesterday, after growing frustration with the lack of progress on a ceasefire deal for Gaza.

time-read
4 mins  |
November 10, 2024
Biden bears brunt of blame game among the Democrats
The Independent

Biden bears brunt of blame game among the Democrats

Fingers are pointing at the president after Donald Trump's sweeping victory - but some strategists argue other factors played a part in Kamala Harris's defeat, writes

time-read
7 mins  |
November 10, 2024
Chief of staff dubbed ice maiden by Trump will keep 'clowns' out of Oval Office
The Independent

Chief of staff dubbed ice maiden by Trump will keep 'clowns' out of Oval Office

Informal advisers that dogged first presidency to be got rid of

time-read
3 mins  |
November 10, 2024
Coroner's warning of cancel culture after student suicide
The Independent

Coroner's warning of cancel culture after student suicide

A coroner has called on the government to examine the prevalence of \"cancel culture\" on university campuses, after ruling that a 20-year-old Oxford student took his own life after being \"ostracised\" by his peers.

time-read
3 mins  |
November 10, 2024
'I did not know you could be born without a uterus'
The Independent

'I did not know you could be born without a uterus'

Andreia Trigo is dedicated to helping others struggling with infertility because of her own diagnosis of MRKH syndrome

time-read
3 mins  |
November 10, 2024
Healey says Ukraine war inspired son to join army
The Independent

Healey says Ukraine war inspired son to join army

The defence secretary has revealed his son joined the army as a result of Russia’s invasion of Ukraine, saying the conflict is now “personal”.

time-read
2 mins  |
November 10, 2024