Cazenove's Jeffrey: BoE rate cut was 'entirely inappropriate'

No evidence to back up move

Laura Dew
clock • 2 min read

Cazenove Capital CIO Richard Jeffrey believes the Bank of England (BoE) made the wrong decision when it cut interest rates earlier this month, as he warns the institution has become too involved in politics.

He said the Bank should have held off making the move as it sends the wrong signal and instead should have tried to normalise rates.  Earlier this month, the Bank cut interest rates for the first time in seven years from 0.5% to 0.25% and Governor Mark Carney warned they could be reduced further as low as 0.1%.  Jeffrey: Trusting in the post-Brexit spirit of capitalism Jeffrey (pictured) commented: "I feel the Bank of England's response was entirely inappropriate. It implied there are major problems which require drastic action when there is no evidence of that. I do not see how it...

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