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The chancellor is celebrating interest cut – but behind the scenes she has little to cheer
The economy is stagnating and job losses are mounting.
Now is the time to cut interest rates again. That was the view of the Bank of England's nine-member rate setting committee on Thursday.
Well, at least five of them. The other four presented us with a different view: Inflation is above target and climbing - this is no time to cut interest rates.
Who is right? All of them and none of them. Central bankers have been backed into a corner by the current economic climate and navigating a path out is challenging.
The difficulty in charting that route was on display as the Bank struggled to decide on the best course of monetary policy. The committee had to take it to a re-vote for the first time in the Bank's history.
On one side, central bankers - including Andrew Bailey - were swayed by the data on the economy. Growth is "subdued.
Amir Nisi
Creative and experienced content writer with 6+ years of experience lazy to create unique content strategy for News5 to turn website visitors into customers.
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