UK executives call on Bank of England to cut rates amid sinking confidence in economy - reports

Economic Confidence index

Company executives in the UK have urged the Bank of England to starts cutting rates soon to boost the nation's flagging economy.

According to reports by Bloomberg, mounting fears over an incoming recession drove the Institute of Directors' Economic Confidence index (ECI) to a four-month low. CBI forecasts no Bank of England rate cuts until at least 2026 The index dropped to -28 in December from -21 in November, the lowest level since August and close to 2023's lowest score. The ECI measures UK company directors' optimism regarding the economy for the next 12 months. Roger Barker, director of policy at the IOD, argued that a rate cut would be "justified" to help kickstart business confidence, as executives...