Interest Rate Hike 'Knocked On The Head'

Written By Unknown on Kamis, 06 November 2014 | 00.11

A slowdown in the UK's economic recovery means there is no prospect of an interest rate increase, according to a closely-watched report on activity.

The Markit/CIPS services purchasing managers' index (PMI) for October came in at a 17-month low with growth weaker than even the gloomiest forecasts had suggested.

The survey found that mounting economic uncertainty was hitting confidence, with stagnation in the eurozone, China's slowdown and the shaky recovery in the US all highlighted as factors.

Markit said a weakening of its composite PMI, which also took in the construction and manufacturing sectors, and an absence of inflationary pressure suggested that the Bank of England would wait to raise borrowing costs.

Its chief economist, Chris Williamson, said: "Slower service sector growth knocks the prospect of interest rate hikes firmly on the head.

"An increasingly downbeat flow of economic data in recent weeks ...has thrown a cloud of uncertainty over the outlook."

The report suggested Britain was on track to record GDP growth of 0.5% in the fourth quarter of the year - down from the 0.7% recorded in the previous three months.

The Bank of England said last month that it expected growth of 0.8% between October and December.


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