UK inflation - live: Tories call for Bank of England to cut interest rates despite market gloom over rising prices
7 months ago

UK inflation - live: Tories call for Bank of England to cut interest rates despite market gloom over rising prices

The Independent  

✕ Close Hunt attacks Labour and says he refutes 'myths' the economy is worse under Tories For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Tories are calling for the Bank of England to cut interest rates despite market gloom over new inflation data. But Sir Jacob Rees-Mogg, the former Conservative business secretary, argued the Bank should have cut rates already because “inflation is a lagging indicator.” Paul Scully, a former minister, said cutting the rate would “bring relief to many who are fixing their mortgages for the next few years”. Paula Bejarano Carbo, NIESR economist, added said persistent core inflation and strong wage growth data suggested the Bank “may exert caution at its upcoming meeting and hold interest rates, despite today’s encouraging fall in the headline rate.” Suren Thiru, economics director at the Institute of Chartered Accountants in England and Wales, said a June cut was now “unlikely”.

History of this topic

As the Bank of England holds interest rates, should we fear ‘stagflation’?
Trending News
5 days ago
Bank of England HOLDS interest rates despite UK economy stalling after Labour's Budget raid - with fears over resurgent inflation
Trending News
5 days, 4 hours ago
Bank of England warns of ‘heightened uncertainty’ as it keeps interest rates on hold
5 days, 6 hours ago
Interest rates live updates: Bank of England verdict due after surprise inflation rise
Top News
5 days, 7 hours ago
Bank of England set to keep interest rates on hold TODAY despite UK economy stalling after Labour's Budget raid - with fears over resurgent inflation
Top News
5 days, 8 hours ago
Feds drop interest rates by another quarter-point easing burden for borrowers
Trending News
5 days, 18 hours ago
Hawkish cut for Fed as 'foggy night' lies ahead: America's central bank slashes rates for third time this year
5 days, 18 hours ago
Inflation rates live: Bank of England expected to hold interest rates at 4.75 per cent
Top News
5 days, 21 hours ago
What does rising inflation mean for you - and has it killed off a Bank of England interest rate cut?
6 days, 7 hours ago
U.K. Inflation rises further above Bank of England's target in November
6 days, 7 hours ago
UK inflation increase solidifies expectations interest rates will be kept on hold
6 days, 9 hours ago
Surge in wages means beleaguered borrowers must wait for interest rates cut
Trending News
1 week ago
Bank of England expected to hold interest rates after jump in inflation
1 week, 4 days ago
A major bank just cut its mortgage rates by up to 0.39%: Will they fall further?
2 weeks, 5 days ago
UK interest rates to fall more slowly than expected after Budget – OECD
2 weeks, 6 days ago
Is MPC doing enough on inflation? Consumers are divided
3 weeks ago
December interest rate cut depends on inflation, Fed official says
3 weeks ago
Fed’s Waller says inclined at this point to cut rates in December
Trending News
3 weeks ago
Will RBI cut key interest rates on December 6? 3 things to know
3 weeks, 1 day ago
Inflation rose to 2.3% in Europe. That won’t stop the central bank from cutting interest rates
3 weeks, 4 days ago
It’s Reasonable to Consider Rate Cut Next Month, Fed’s Kashkari Says
4 weeks ago
Energy costs push UK inflation to 2.3 percent
1 month ago
Millions hit with mortgage blow as rise in inflation crushes hopes of interest rate cut
1 month ago
UK inflation hits six-month high of 2.3% on high energy bills; BoE stresses on gradual rate cuts
1 month ago
What rising inflation means for you: HUGO DUNCAN on why it dashes hopes of a Christmas Bank of England rate cut
1 month ago
Inflation set to rebound after jump in energy bills
1 month ago
RBA says February rate cut not guaranteed even if inflation figures rosy
1 month ago
Bank of England’s Newest Rate-Setter Shows Dovish Leaning
1 month ago
Inflation set to rebound after jump in energy bills
1 month ago
Inflation behaving more like a magician who tricks you again and again
1 month ago
October inflation wipes off rate cut hopes in Dec policy
1 month, 1 week ago
Mint Quick Edit | Inflation above 6%: There goes a December rate cut
1 month, 1 week ago
The interest rate cut is good news for mortgage payers – they need more
1 month, 2 weeks ago
Bank of England cuts interest rate to 4.75% as UK inflation drops, but economic uncertainty looms
Top News
1 month, 2 weeks ago
Boost for Brits as Bank of England trims interest rates from 5% to 4.75%... but will hopes of 'aggressive' cuts be dashed by Labour's big-spending Budget?
Top News
1 month, 2 weeks ago
Brits hope for mortgage relief with Bank of England poised to cut interest rates TODAY… but fears big-spending Budget could keep borrowing costs higher for years
1 month, 2 weeks ago
Bank of England cuts UK interest rates again despite modest budget-related inflation spike
1 month, 2 weeks ago
Bank of England poised to cut UK interest rates for second time this year
Top News
1 month, 2 weeks ago
UK's central bank cuts interest rate
1 month, 2 weeks ago
Why Britain’s inflation nightmare may not be over
1 month, 2 weeks ago
Something to cheer us all with rates set be slashed on both sides of the Atlantic: ALEX BRUMMER
1 month, 2 weeks ago
Bank of England rate cut expected despite ‘fiscal loosening’ of Budget
1 month, 3 weeks ago
Inflation set to stay above 2% for next four years, says OBR
1 month, 3 weeks ago
Autumn Budget 2024: What will it mean for my mortgage?
1 month, 3 weeks ago
Reeves’s Budget to keep interest rates higher for longer, say economists
2 months ago
ECB's Interest Rate Cut: A Gradual Shift Towards Neutral
2 months, 1 week ago
Interest rate cut ‘nailed on’ after UK inflation falls to three-year low
2 months, 1 week ago
Why has inflation slowed and what does it mean for households?
2 months, 1 week ago
Rate cut hopes lift on slowdown in UK wage growth
2 months, 1 week ago
Hopes grow of double interest rate boost before Christmas as wage growth slows again - with crucial inflation numbers due tomorrow
2 months, 1 week ago

Discover Related