In the view of the economists at IHS Markit, the Bank of England (BOE) is unlikely to make any changes to key rates until the second half of 2023.

Key quotes

“The meeting is preceded by the flash PMIs for the UK, which helped boost sterling by indicating record business activity growth in May.”

“This also invited a lone dissent from Chief Economist Andy Haldane in the previous meeting with regards to keeping the current QE target unchanged at GBP 895bn.” 

“While no new forecasts are expected, it will be of interest to observe any further tilt in favor of tapering in the BoE.”

“IHS Markit forecasts no changes to rates at least until the latter half of 2023.”

Read: BOE seen hiking rates in 2023, as it looks through temporary inflation rise – Reuters poll

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