Hunt Puts Focus on Bank of England to Pull UK Out of Recession
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Britain’s immediate growth prospects lie in the Bank of England’s hands, Chancellor of the Exchequer Jeremy Hunt suggested, comments that may add to pressure on the central bank to start cutting interest rates.
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Published Feb 15, 2024 • 4 minute read
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(Bloomberg) — Britain’s immediate growth prospects lie in the Bank of England’s hands, Chancellor of the Exchequer Jeremy Hunt suggested, comments that may add to pressure on the central bank to start cutting interest rates.
Responding to data showing the UK’s economy shrank 0.5% across the final two quarters of 2023 — a worse outcome than the central bank estimated just two weeks ago — Hunt said the “turning point” will come when inflation falls to its 2% target and the BOE “feels it can bring down interest rates.”
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Bloomberg News
2024-02-15 11:07:55
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