Megan Greene, a rate-setter at the Bank of England, cautioned that high mortgage rates will continue to hinder UK consumer spending recovery. She highlighted a significant contrast in consumer behavior post-pandemic, noting a spending surge in the US that has not yet materialized in the UK or continental Europe.
Megan Greene, a Bank of England policymaker, cautioned that Labour"s budget could elevate employment costs and drive inflation higher. She noted that companies might pass increased costs onto consumers, leading to higher prices, while also considering reducing employment or hours worked as potential responses.
Bank of England rate-setter Megan Greene has indicated that interest rates are likely to stabilize at higher levels than those seen before the pandemic. She noted that the long-run neutral interest rate has increased, a change that markets have already absorbed, reflecting a growing consensus among central bankers for elevated borrowing costs.
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