{"id":145706,"date":"2018-10-31T16:34:40","date_gmt":"2018-10-31T05:34:40","guid":{"rendered":"https:\/\/www.gomarketingteam.com\/auarticles\/preview-bank-of-england-rate-decision\/"},"modified":"2021-04-15T09:02:03","modified_gmt":"2021-04-14T23:02:03","slug":"preview-bank-of-england-rate-decision","status":"publish","type":"post","link":"https:\/\/www.gomarkets.com\/en\/articles\/central-banks\/preview-bank-of-england-rate-decision\/","title":{"rendered":"Preview: Bank of England Rate Decision"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-80146\" src=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/11\/Webp.net-resizeimage.jpg\" alt=\"\" width=\"842\" height=\"834\" \/><\/p>\n<p>On Monday, UK Chancellor Phillip Hammond announced its latest budget, which did not have a massive impact on Pound Sterling. Now that is out of the way; it\u2019s time to focus on another critical economic event \u2013 the Bank of England rate decision. The decision is set to be announced at 12:00 PM London time on Thursday.<\/p>\n<p><strong>About Interest Rates<\/strong><br \/>\nInterest rates are set by the Bank of England\u2019s Monetary Policy Committee which is made of nine members \u2013 The Governor, the three Deputy Governors for Monetary Policy, Financial Stability and Markets &amp; Banking, the Banks&#8217; Chief Economist and four external members appointed directly by the Chancellor.<\/p>\n<p>Bank of England has an inflation target of 2% (currently 2.4%), which is set by the Government and the Bank of England\u2019s monetary policy is set to achieve the Government\u2019s target.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-80138 size-large\" title=\"uk inflation rates\" src=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/11\/44-e1541002809139-1024x565.png\" alt=\"uk inflation rates\" width=\"1024\" height=\"565\" srcset=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/11\/44-e1541002809139-1024x565.png 1024w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/11\/44-e1541002809139-300x166.png 300w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/11\/44-e1541002809139-768x424.png 768w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/11\/44-e1541002809139-600x331.png 600w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/11\/44-e1541002809139.png 1916w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p>If the Consumer Price Index (CPI) inflation rate is more than 3% or less 1%, the Governor must write a letter to the Chancellor to explain why and outline how they will get the inflation to the target of 2%.<\/p>\n<p><strong>Expectations<\/strong><br \/>\nWe have seen two rate hikes from the Bank of England in the last year, one in November 2017 and August of this year. The current interest rate stands at 0.75%, and according to the latest forecast, we will not see the Bank of England raising the rates in its upcoming meeting.<\/p>\n<p>After the announcement, all eyes will be on the Bank of England\u2019s Governor Mark Carney press conference with his latest outlook on the British economy and Brexit. The Governor recently mentioned that a limited and gradual series of interest rate hikes are required to keep the inflation in check. The markets are expecting a potential hike in May 2019, after the United Kingdom formally leaves the European Union.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-80139\" title=\"bank of england interest rates\" src=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/11\/55-e1541002938728-1024x712.png\" alt=\"bank of england interest rates\" width=\"813\" height=\"565\" srcset=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/11\/55-e1541002938728-1024x712.png 1024w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/11\/55-e1541002938728-300x209.png 300w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/11\/55-e1541002938728-768x534.png 768w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/11\/55-e1541002938728-600x417.png 600w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/11\/55-e1541002938728.png 1200w\" sizes=\"auto, (max-width: 813px) 100vw, 813px\" \/><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-80140\" title=\"pound sterling vs other forex pairs\" src=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/11\/3-e1541003007204-1024x581.png\" alt=\"pound sterling vs other forex pairs\" width=\"813\" height=\"461\" srcset=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/11\/3-e1541003007204-1024x581.png 1024w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/11\/3-e1541003007204-300x170.png 300w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/11\/3-e1541003007204-768x436.png 768w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/11\/3-e1541003007204-600x340.png 600w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/11\/3-e1541003007204.png 1204w\" sizes=\"auto, (max-width: 813px) 100vw, 813px\" \/><br \/>\nOther UK data to keep an eye on:<br \/>\n<strong>\u2022 Bank of England Asset Purchase Rate (12:00 London time)<\/strong><br \/>\nPrevious: \u00a3435 billion<br \/>\nForecast: \u00a3435 billion<\/p>\n<p><strong>\u2022 Bank of England Inflation Report (12:00 London time)<\/strong><\/p>\n<p>This article is written by a Wixad Analyst and is based on their independent analysis. They remain fully responsible for the views expressed as well as any remaining error or omissions. Trading Forex and Derivatives carries a high level of risk.<\/p>\n<p>Sources: Wixad MT4, Google, Datawrapper<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Monday, UK Chancellor Phillip Hammond announced its latest budget, which did not have a massive impact on Pound Sterling. Now that is out of the way; it\u2019s time to focus on another critical economic event \u2013 the Bank of England rate decision. The decision is set to be announced at 12:00 PM London time [&hellip;]<\/p>\n","protected":false},"author":50,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2805],"tags":[],"class_list":["post-145706","post","type-post","status-publish","format-standard","hentry","category-central-banks"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Preview: Bank of England Rate Decision - Wixad<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gomarkets.com\/en\/articles\/central-banks\/preview-bank-of-england-rate-decision\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Preview: Bank of England Rate Decision - Wixad\" \/>\n<meta property=\"og:description\" content=\"On Monday, UK Chancellor Phillip Hammond announced its latest budget, which did not have a massive impact on Pound Sterling. 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Now that is out of the way; it\u2019s time to focus on another critical economic event \u2013 the Bank of England rate decision. The decision is set to be announced at 12:00 PM London time ","link":"https:\/\/www.gomarkets.com\/en\/articles\/central-banks\/expection-from-the-rba\/","type":"next","category":"central-banks"},"previous":{"id":145703,"slug":"oil-can-basic-economics-be-responsible-for-an-11-decline","title":"Oil \u2013 Can Basic Economics Be Responsible For An 11% Decline?","date":"2018-10-25 11:52:35","excerpt":"On Monday, UK Chancellor Phillip Hammond announced its latest budget, which did not have a massive impact on Pound Sterling. Now that is out of the way; it\u2019s time to focus on another critical economic event \u2013 the Bank of England rate decision. The decision is set to be announced at 12:00 PM London time ","link":"https:\/\/www.gomarkets.com\/en\/articles\/oil-metals-commodities\/oil-can-basic-economics-be-responsible-for-an-11-decline\/","type":"previous","category":"oil-metals-commodities"},"category":{"slug":"central-banks"},"_links":{"self":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/posts\/145706","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/users\/50"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/comments?post=145706"}],"version-history":[{"count":0,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/posts\/145706\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/media?parent=145706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/categories?post=145706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/tags?post=145706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}