Bank of England interest rate cuts mid-next year? That will suit Tory party planning very nicel.

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As Reuters reported yesterday:

The Bank of England might wait until the middle of next year before cutting interest rates from their current 15-year high, the BoE's Chief Economist Huw Pill said on Monday.

Pill said pricing in financial markets - that currently points to a first rate cut to Bank Rate in August 2024 - "doesn't seem totally unreasonable, at least to me."

I have already noted government plans to autocratise the police and make them an instrument for party political gain this morning.

I suspect they have no need for such a plan in the case of the Bank of England: it seems likely that they voluntarily serve Tory party interests. It is hard to interpret this unnecessary comment in any other way, given that the timing would be perfect for a Tory pre-election boost.

I hate to be cynical, but sometimes you just have to be.

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