Sterling lower after another BoE rate cut hint

Sterling lower after another BoE rate cut hint

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The pound dropped half a percent, hitting a two week low against the euro

The pound has reacted to Bank of England policymaker Gertjan Vlieghe stating to the Financial Times that he would consider voting for an interest rate cut.

While Vlieghe did say his vote is dependent on how the economy has performed since the general election in December, he is the third BoE policy setter in just a week to suggest they may vote to cut rates next month and therefore demonstrates the BoE’s concerns around the strength, or weakness of the British economy.

Sterling fell even further this morning as GDP monthly statistics showed the UK economy shrank by 0.3% in November. The estimate by the Office for National Statistics was worse than economists had predicted. 

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