BOE’s recent rhetoric around rate hike continues to look ill-judged – BBC Survey

Dhwani Mehta FXStreet

The quarterly economic survey conducted by the British Chambers of Commerce (BCC), painted a bleak picture of the UK’s economic growth prospects, indicating that the Bank of England (BOE) rate hike talks appear ill-judged”.

Key Points:

The UK services and manufacturing company domestic sales picked up slightly in Q2.

The UK business investment intentions and confidence weaken.

BCC Head of Economics Suren Thiru, noted:

"While the modest pick-up in domestic activity points to a slight rebound in growth from a weak first quarter, there remains little evidence in the current data to suggest a sustained upturn in the UK's economic growth prospects.

Against this backdrop, the Bank of England's recent rhetoric around raising interest rates continues to look ill-judged."

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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