According to the latest survey by Bloomberg on 51 economists
It's an unchanged expectation from the prior survey in May, but this time around only 55% of respondents foresee a rate hike in August by the Bank of England. In May, that figure was 60%.
This comes as their outlook on the UK economy this year also grows a bit gloomier with economic growth expected at 1.4% in 2018 compared to the 1.3% in the previous survey.
Meanwhile, inflation forecasts remain unchanged with an estimate of 2.5% y/y for 2018 and 2.1% y/y for 2019.
Not much of a surprise there but take note of the lowered expectations. That goes to show waning confidence in the BOE to raise rates this year. And if the economy continues to struggle as we move into Q3 and Brexit concerns remain, it's easy to see why they won't be able to do so.
