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

Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam