UK interest rates are close to a descent – maybe starting as soon as next month

It seems just matter of time before the two MPC members already in favour of a cut are joined off Table Mountain

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Huw Pill, the Bank of England’s chief economist, said last year that the path of interest rates was likely to mirror the shape of South Africa’s Table Mountain: steep-sided but with a plateau at the summit.

Judging by the Bank’s latest monetary policy report, Pill and the other eight members of Threadneedle Street’s monetary policy committee (MPC) are now only a few short steps from starting their descent from the mountain top. But they are not quite there yet.

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