Further UK Rate Cuts Are Unlikely

Further UK Rate Cuts Are Unlikely - at www.moneyweek.com - the best of the international financial media

Recent data, despite some eye-catching headlines, do not have straightforward implications for monetary policy. Those counting on a quarter-point rate cut during the fourth quarter may be disappointed.

The recent national accounts release left quarterly GDP growth unrevised at 0.5% between April and June, but year-on-year growth was only 1.5% (versus 1.8% annual growth in earlier estimates). This compares to trend UK GDP growth of close to 2.5% a year and marks the lowest year-on-year growth rate since 1993.

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