BoE's Dhingra says economy has 'already flatlined' - BBC | Inquirer Business

BoE’s Dhingra says economy has ‘already flatlined’ – BBC

/ 02:38 PM October 12, 2023
Bank of England
A general view of the Bank of England in the City of London, Britain, Sept 25, 2023. REUTERS/Hollie Adams/File photo

Bank of England policymaker Swati Dhingra said the economy has already flatlined and about 20 percent or 25 percent of the impact of interest rate hikes has fed through to the economy, in an interview with the BBC.

A narrow majority of the BoE’s Monetary Policy Committee voted last month to hold interest rates, halting a run of back-to-back increases in borrowing costs since December 2021.

“If growth falls by much more than it expects from here, a cut may happen sooner,” she added.

She also said that higher interest rates could ultimately hit younger workers and those on lower incomes the hardest.

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TAGS: Bank of England, economy, interest rate

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