Pansen Macro: Bank of England does not need to cut interest rates again

According to Rob Wood, Chief UK Economist at Central Bank, there is no need for the Central Bank to cut interest rates again as the UK economy only experienced a slight slowdown in the second quarter. Wood stated that the economic expansion in the second quarter was slightly lower than expected by the Central Bank, but not enough to prompt policymakers to further reduce the interest rate next month, after they took the first rate cut action in early August. He pointed out that for the Central Bank of the UK, the overall trend is more important than individual data. Considering the overall downward trend in inflation and the overall economic development, the Central Bank of the UK can wait until November to take action.