Interest rate cut expected later this morning from BoE.
August 4, 2016
The Bank of England (BoE) is expected to cut the base rate later today, experts see it as a ‘foregone conclusion’ that the Monetary Policy Committee will vote in favour at their monthly meeting.
The UK’s dominant services sector saw its sharpest fall in seven years according to the Markit/CIPS PMI released yesterday, this followed falls in both construction and manufacturing in July. The Business Activity Index fell to 47.4 in July, from 52.3 in June, signalling a fall in UK services output.
Consensus is that rate cut will be from 0.5% to 0.25%, asset purchase facility to remain the same.
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