Bank of England (BoE) Deputy Governor Ben Broadbent stated on Monday that there is a possibility of the central bank cutting its interest rates during the summer months.
"If things continue to evolve with its forecasts – forecasts that suggest policy will have to become less restrictive at some point – then it's possible Bank Rate could be cut sometime over the summer," the policymaker said at the Bank of England.
He further expressed his belief that inflation will decrease and align with the target of 2%, although there is uncertainty regarding the persistence of the second-round effects of inflation. Furthermore, Broadbent emphasized that any decision to lower interest rates will depend on the evolving data and economic circumstances.
