More UK Stimulus Probably Needed ‘at Some Point’: BoE’s Shafik

Bank of England Deputy Governor Minouche Shafik played down the likelihood of a further cut in interest rates this year as the British central bank grapples with how aggressively to respond to a slowdown following June’s Brexit vote.

The BoE said earlier this month that most of its officials still thought more stimulus was likely before the end of 2016 if the economy slows as it expects, although it acknowledged that the immediate hit from the vote to leave European Union had been less severe than the Bank had first feared.

But Shafik’s comments on Wednesday could moderate expectations of a move at the Bank’s next meeting in November.


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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.