BoE wrong to act so soon – CMC Markets
Despite gloomy consumer confidence data, retail sales rose in July – evidence that data does not support the decision
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The Bank of England's (BoE) decision to cut interest rates and expand quantitative easing (QE) at its August meeting was the wrong monetary policy response to Brexit, says Michael Hewson, chief market analyst at CMC Markets, which topped last week's one-month currency forecast table.
In Hewson's view, there was little economic data to warrant easing; the worst of the fallout is probably yet to come as Article 50 has not been triggered and the government has not come
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