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With a significant increase in fiscal spending on the way and business surveys suggesting the economy is picking up, an interest rate cut doesn’t seem necessary, JP Morgan Asset Management’s Mike Bell said on Wednesday, according to CITYA.M. 

Analysts are split on whether the Bank of England will cut interest rates on Thursday. 

Many believe the recent run of weak economic data – stubbornly low inflation, dismal retail sales, and a shrinking economy – warrants a cut in interest rates from 0.75% to 0.5%. That would be the first since 2016.

However, the likes of Mike Bell think the BOE could wait as closely watched indicators and business surveys are hinting at economic recovery.