Bank of England may cut rates soon – deputy governor

Pressures have faded but economy is facing second-round effects, Broadbent said

The Bank of England

The Bank of England (BoE) could cut its policy rate over the summer, deputy governor Ben Broadbent said in a speech on May 20.

Inflationary pressures caused by the Covid-19 pandemic and the invasion of Ukraine by Russia over the last four years have faded, he said.

“Tighter monetary policy has also contributed to the decline in inflation, both by reducing excess demand and by limiting what might otherwise have been much larger second-round effects,” Broadbent added.

With the BoE forecasts

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