03 Nov 2022
SPF Private Clients chief executive Mark Harris says the Bank of England (BoE)’s base rate increase today could have been worse than 75 basis points if the “Liz Truss government prevailed”.
At midday, the BoE revealed it was increasing the interest rate to 3%, which marks the biggest since 1989 and the eighth time the bank has upped rates.
Harris comments: “Swaps have eased by more than 100 basis points since the mini-Budget, so while 3% may not be the peak for base rate, we don’t believe it needs to, or can go, much higher.”
The MPC’s latest projections described “a very challenging outlook for the UK economy. It was expected to be in recession for a prolonged period and CPI inflation would remain elevated at over 10% in the near term”.
The Office for National Statistics’ latest data shows that inflation increased from 9.9% in August back to 10.1% in September.
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