The Bank of England remains on hold as expected, and is expected to cut interest rates from November

On September 19, the Bank of England kept its benchmark interest rate unchanged on Thursday after inflation data remained unchanged in August, with market expectations for another rate cut before the end of the year growing. The Bank of England cut interest rates for the first time last month, lowering the interest rate level by 25 basis points. The UK's inflation rate has been gradually slowing this year, falling from 4% in January to 2.2% in August, slightly higher than the low of 2% in May and June. But last month's inflation rate was the same as in July as rising airfares offset the impact of falling fuel and catering prices. The UK's service industry inflation rate has remained high, which is one of the focuses of the Bank of England's Monetary Policy Committee. James Smith, UK economist at ING, said that the continued decline in expected and actual wage and price growth in recent months indicates that further interest rate cuts will be in the future. Coupled with the continued cooling of the job market, we believe that the broad consensus of the Bank of England will shift to support a faster pace of interest rate cuts throughout the winter. We expect a series of interest rate cuts from November to reduce the bank rate to 3.25% by the summer of next year. (Jinshi)