Key Points
LONDON: Britain's economy shrank in October, official data showed on Wednesday, raising the risk of a recession and testing the Bank of England's resolve to stick to its anti-inflation line against cutting interest rates from their 15-year high...
Gross domestic product (GDP) fell by 0.3% from September, the Office for National Statistics said, adding that exceptionally wet weather might have impacted the data...
Investors added to their bets on the BoE starting to cut interest rates in June 2024, and the yield on 10-year British government bonds fell to its lowest since May...
However, the central bank is widely expected to keep Bank Rate at 5.25% on Thursday and signal once again that it is not close to cutting them as it tries to ensure that Britain's still-high inflation rate - 4.6% at its most recent reading in October - is brought under control...
"That may nudge the BoE little closer to cutting rates, although when leaving rates at 5.25% tomorrow the Bank will probably push back against the idea of near-term rate cuts," Dales said.. (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)..
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