Bank Of England Deputy Governor Suggests Gradual Rate Cuts

According to Odaily, Bank of England Deputy Governor Ben Broadbent stated on Thursday that recent evidence supports a gradual reduction in interest rates, though determining the appropriate pace of easing remains challenging. Speaking at the University of Edinburgh, Broadbent emphasized that recent data further supports the removal of policy restrictions, and he anticipates a continued gradual easing over time. As the Deputy Governor responsible for financial stability and considered a centrist on the Monetary Policy Committee, Broadbent noted that it is currently difficult to ascertain the speed at which rates should decrease. He clarified that as the effects of past significant shocks continue to diminish, bank rates are expected to decline gradually over time.