Economists unanimously expect the Bank of England to maintain rates next week amid softer inflation projections and steady growth outlook.
The Bank of England is poised to leave its benchmark interest rate unchanged at 3.75% during its July 30 meeting, according to a poll of 70 economists. None of the respondents anticipate a rate adjustment, reflecting expectations of a prolonged hold amid easing inflation pressures.
Inflation forecasts for the year were revised downward to an average of 3.1%, compared with 3.3% in the previous month’s poll. Economic growth projections remain steady at 1.0% for 2024, unchanged from earlier estimates. The median forecast suggests rates will stay at 3.75% through mid-2025.
The British Pound showed minimal reaction, with GBP/USD trading near 1.3315, lacking clear direction following the report.