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30 November 2022 | Other

JP Morgan expects UK interest rate to hit 4.25% by Q1 2023

GBPUSD
EURGBP
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According to the forecast of JP Morgan analysts, the Bank of England will lift the bank rate to 4.25% by the first quarter 2023.

They believe that tighter fiscal policy will follow later. The cycle of monetary policy tightening, on the other hand, will last longer than in previous years.

The economy of the UK is also projected to slow in 2024. According to their estimates, the GDP will fall by 0.6% next year amid tighter monetary and fiscal policy. In addition to this, the pandemic and exit from the EU will weigh on the UK growth. By contrast, the UK recorded GDP growth of 4.3% in 2022.

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