IW Poll: Will the Bank of England hike rates in August?

2 August meeting

Following weaker than anticipated inflation data last month, Investment Week has asked its Twitter followers if the Bank of England will increase interest rates for the first time this year at its next Monetary Policy Committee (MPC) meeting on 2 August.

Markets were pricing in an 85% chance of a 0.25% hike next Thursday, however this was thrown into doubt after the UK Consumer Price Index (CPI) remained unchanged at 2.4% in June, missing analysts' predictions of 2.6%. Following the announcement, sterling fell 0.5% against the US dollar to $1.305, its lowest level in ten months prompting commentators to once again question whether a rate rise would be deemed necessary. Despite the weak data however, markets are pricing in a 91% chance of a rate rise following hawkish tones from BoE deputy governor Ben Broadbent on Tuesday, who when as...