{"id":115328,"title":"Bank of England official suggests interest rates should remain unchanged this summer","publisher":"Share Talk","author":"sharetalk","published":"2024-07-08T14:35:17+00:00","modified":"2024-07-08T14:35:17+00:00","canonical_url":"https://www.share-talk.com/bank-of-england-official-suggests-interest-rates-should-remain-unchanged-this-summer/","markdown_url":"https://www.share-talk.com/bank-of-england-official-suggests-interest-rates-should-remain-unchanged-this-summer.md","json_url":"https://www.share-talk.com/bank-of-england-official-suggests-interest-rates-should-remain-unchanged-this-summer.json","category":"B2B","categories":["B2B","Blogs","Business & Support Services","Technology","Technology, Media & Telecoms"],"tags":["Bank of England","BoE","government","Jonathan Haskel","King’s College","labour","London"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2024/02/dreamstime_s_15957678-1.jpg?fit=800%2C531&quality=89&ssl=1","format":"news","language":"en-GB","content":"Interest rates should remain unchanged this summer, says a Bank of England official.\n\nJonathan Haskel, a policymaker at the Bank of England and a professor at King’s College London, has dismissed the prospect of an interest rate cut this summer, delivering a setback to the new Labour government.\n\nHaskel preferred to keep rates steady at 5.25%, their highest level in 16 years. In an upcoming speech at the Economic Statistics Centre of Excellence, he will highlight concerns about Britain’s tight job market, which could lead to wage increases and potentially fuel inflation.\n\nThis stance comes despite inflation falling back to the Bank of England’s 2% target in May. Money markets currently estimate a 65% chance of a rate cut from 5.25% in August, a year after the rate was raised to this level.\n\nHaskel stated, “I would rather hold rates until there is more certainty that underlying inflationary pressures have subsided sustainably.” He added, “The labour market continues to be tight, and I worry it is still impaired.”"}