The BoE might be the first big Western Central Bank to raise its interest rates

In this way the August meeting is the first in which some of the members calls for a rate increase since July 2011, when Weale and Spencer Dale supported to increase them by 0.75%. And for the first time the BoE’s consensus on monetary policy has been broken since Carney took office in July 2013. McCafferty and Weale consider the economic circumstances are adequate to justify an immediate increase in rates since the continued and rapid decline in unemployment with polls pointing to a labor market adjustment that forecasts a pickup in wage growth. These last figures of economic growth and inflation will become an increasingly intense debate in the UK. In this regard, it is important to highlight that we are convinced that the BoE will be the first big Western central bank to raise its interest rates.

 

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