Bank of England Governor Andrew Bailey highlighted the increasing uncertainty surrounding the UK's interest rate outlook in light of unpredictable global economic conditions, particularly the US-China trade war. At a Treasury Committee meeting, he acknowledged the Monetary Policy Committee's genuine concerns about these trade tensions. Despite optimism surrounding a recent UK-US trade deal, Bailey noted that existing tariffs remain higher than before, necessitating attention to the broader international economic landscape, including impacts from China and the EU.
The path of interest rates in the UK remains uncertain due to unpredictable global economic factors, especially the US-China trade war.
Bailey emphasized the unpredictability of global trade dynamics and their influence on the UK economy, causing additional uncertainty regarding interest rate adjustments.
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