The Bank of England will come under pressure to cut interest rates sooner rather than later, it has been predicted.
Howard Archer, chief European and UK economist at Global Insight, stated that recent data relating to consumer confidence, retail sales, the housing market and manufacturing activity could indicate that a recession is approaching.
This adds to the pressure on the Bank to cut interest rates, he explained.
"An interest rate cut from five per cent to 4.75 per cent is certainly possible at the Bank of England's [meeting] next Thursday, but we suspect that most monetary policy committee members would prefer to delay acting until June given current elevated inflation risks," he said.
However, more adverse economic data could still lead to a cut in interest rates on Thursday, he added.
Recently the British Bankers' Association released figures that show the number of mortgage approvals in March was the lowest level since September 2000.
Bank of England will cut interest rates sooner rather than later, expert claims
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Bank of England will cut interest rates sooner rather than later, expert claims
Tue, 06 May 2008
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