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She also focuses on the pain still to come for the UK economy as higher rates continue to pass through:
“By the BOE’s own assessment they’re only half way through in terms of the interest rate pass through. So all of the savers have had the pass through in terms of higher rates. That’s probably helped the resilience through the course of the year. But I think some of the mortgage pain is still to come and… consumers are going to be cautious.”
All told she’s still preoccupied by stagnation and she doesn’t see help from the BOE coming until the second half of 2024. Markets see rate cuts coming sooner and I’ll try my best to cling to some new year cheer.
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