Bank of England signals caution over further interest rate cuts
Senior monetary policy communications point to a measured pace of reductions, with persistent domestic wage growth and services inflation complicating efforts to return inflation sustainably to the Bank’s 2 per cent target.
In a satirical institutional garden, a Bank of England official uses tiny manicure scissors to trim one shoot from an enormous shrub labelled “RATES”. Beside him, a weary Scottish budget official holds heavy pruning shears next to a smaller tree labelled “SCOTTISH CAPITAL PROJECTS”, with a substantial branch freshly removed.
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