Bank of America (BofA) has predicted that the Bank of England (BoE) will maintain its current bank rate until August 2024. This forecast comes as the central bank continues to navigate the challenges presented by the ongoing COVID-19 pandemic and its impact on the UK economy.
According to BofA economists, the BoE is likely to adopt a cautious approach, keeping interest rates stable for an extended period to support the country's economic recovery. The current bank rate stands at a historic low of 0.1%, where it has remained since March 2020.
