BofA expects BoE to keep its bank rate on hold until August 2024

(Reuters) – BofA Global Research said on Friday it now expects the Bank of England to keep its bank rate on hold at 5.25% until August 2024 versus its prior forecast of February 2025.

The brokerage expects rate cuts of 25 basis points per quarter from there.

“The UK will be the last of the major central banks to start the cutting cycle and it is likely to move slower, at least compared with the ECB (European Central Bank),” BofA economists wrote in a note.

(Reporting by Reshma Rockie George in Bengaluru; Editing by Shilpi Majumdar)