“With the new Chancellor’s announcement that the next Budget will not be presented until the Autumn Statement, eyes were trained on the Bank of England today to steady the economic ship over the next few months. The BoE has chosen prudence by keeping interest rates at 0.5% and waiting for further data to emerge before producing its Inflation Report at the beginning of August and making its decisive move then.
“In choosing to hold interest rates, the BoE has signalled a vote of confidence in the resilience of the UK economy, holding back the fire power of cutting rates until more data becomes available on the state of the economy post the Brexit vote. While this does mean businesses will now need to wait a few more weeks for further clarity on economic policy, the BoE has confirmed its intention to proceed as more evidence becomes available.”
For further information please contact:
Jess Liebmann, KPMG Corporate Communications
Tel: 0207 311 3245
KPMG Press office
Tel: +44 (0) 207 694 8773
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a revenue of £1.96 billion in the year ended September 2015. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 174,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.