Economy

What to expect ahead of the Bank of England's September policy meeting

What to expect ahead of the Bank of England's September policy meeting”

The pound rose to more than a three-week high against the euro today as investors speculated that the Bank of England (BoE) may sound more hawkish on interest rates this week.

The fall in sterling following the U.K.'s vote to leave the European Union has pushed up the cost of imports, making goods more expensive for British consumers.

Inflation surged to 2.9 percent, more than forecast and way above the BoE's 2 percent target as households paid more for fuel and clothing, complicating policymakers' job of explaining why they are not raising interest rates.

The British Pound climbed Tuesday in the wake of United Kingdom inflation figures for August that came in higher than expected, making an interest-rate increase in the United Kingdom more likely in the months to come and thereby boosting the British Pound against both the US Dollar and the Euro. However, the anticipated slowdown in the United Kingdom economy following Brexit leaves the bank reticent to make such moves, predicting that inflation will soon fall.



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