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Brexit uncertainty could delay next rate hike, McCafferty says

By Alexander Bueso

Date: Monday 12 Feb 2018

Brexit uncertainty could delay next rate hike, McCafferty says

(ShareCast News) - Brexit's approach and its potential negative impact in confidence may knock test the Bank of England's rate hike plans, a top official said.
In remarks to LBC Radio, the Monetary Policy Committee's Ian McCafferty said there was a great deal of uncertainty at the moment, although the global economy was holding up better than forecast six or 12 months ago.

Hence, rate-setters would be watching the data and making their decisions on a month by month basis.

According to LBC Radio, and in response to a query from the presenter about whether or not the BoE was not being excessively gloomy, McCafferty said: "Given the very supportive monetary conditions which are still in place across the piece and the growth in confidence, you'd normally expect to see business investment growing by double-digit growth per annum.

"We're currently growing at about 4%."

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