FX.co ★ Bank of England could cut interest rate again

According to Bloomberg, the Bank of England could decrease its interest rate again in November. Economists think that the UK has a 48% chance of slipping into recession this year. About 22% of economists, questioned by Bloomberg, consider that consumer prices are likely to rise by 2.4% in the second quarter next year. In the current quarter economic performance will fall by 0.1% and in the next quarter there is a stagnation possibility. According to analysts, economic growth is expected to slow down to 1.6% compared to 2.2% in 2015. Next year the situation will improve only by 0.6%.
In November, the Bank of England could cut its interest rate again to 0.1%. Economists are sure that the rate cut could trigger further GBP weakening. Two week ago, the Bank of England cut its main interest rate to its lowest point first time within 7 years which provoked GBP drop by 1.4%.