Weak growth should rule out further interest rate hikes
12 October 2023
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IEA Economics Fellow Julian Jessop’s response to August’s GDP figures which showed 0.2 per cent growth in the UK economy, has been quoted in the Guardian.
Julian said:
“The economy will now probably have to grow by 0.2 per cent or more in September to avoid the first of two successive quarters of falling output that would mark a technical ‘recession’.
“At the very least, growth is currently weaker than the Bank of England had been expecting, making another interest rate hike even less likely.”
Read Julian’s full comment here (12:13pm).
Julian’s comment was also quoted in Business Leader.
Julian said:
“The economy will now probably have to grow by 0.2 per cent or more in September to avoid the first of two successive quarters of falling output that would mark a technical ‘recession’.
“At the very least, growth is currently weaker than the Bank of England had been expecting, making another interest rate hike even less likely.”
Read Julian’s full comment here (12:13pm).
Julian’s comment was also quoted in Business Leader.
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