Rabobank analysts explain that as per expectations, the Bank of England MPC kept rates unchanged at 0.75% and there was again a dovish vote split as Michael Saunders and Jonathan Haskel voted for a 25 bps cut.
Key Quotes
“Yet the majority of the MPC found it too early to judge “how material” the outcome of the election would be for their outlook.”
“We don’t think that the economic uncertainty around a disruptive change to the UK’s trading relationships is unlikely to vanish anytime soon.”
“As Brexit will continue to cast its shadow on the UK economic outlook, we expect two rate cuts in 2020.”
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