JP Morgan AM's Karen Ward: Bank of England 'should not be blamed' for rate rises

It had 'no choice'

clock • 2 min read

The Bank of England’s decision to raise rates 13 consecutive times has been defended by Karen Ward, chief market strategist, EMEA, JP Morgan Asset Management and adviser to Chancellor of the Exchequer, who argued it had “no choice”.

Ward said the central bank's efforts to tackle inflation leave the country facing a mild recession in the short term, while the alternative would be a deeper downturn in future.  "Ultimately, the Bank of England has no choice but to bring down demand", Ward wrote in The Times, and "should not be blamed for doing its job". Bank of England is running out of ideas to tackle inflation The Bank has been under pressure to bring down inflation, which was unchanged at 8.7% in May well above its 2% target. Core inflation, which strips out volatile energy and food prices, rose to its high...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on UK

 'Once-in-a-parliament reset': Reeves rules out future fiscal events of Autumn Budget's scale
UK

'Once-in-a-parliament reset': Reeves rules out future fiscal events of Autumn Budget's scale

Public finances now on a 'firm footing'

Valeria Martinez
clock 06 November 2024 • 3 min read
UK retail sales slump to 0.6% as shoppers protect their coffers for Christmas
UK

UK retail sales slump to 0.6% as shoppers protect their coffers for Christmas

Budget led to waning sales

Linus Uhlig
clock 05 November 2024 • 2 min read
Mel Stride awarded shadow chancellor in Badenoch shadow cabinet reshuffle
UK

Mel Stride awarded shadow chancellor in Badenoch shadow cabinet reshuffle

Some leadership rivals awarded roles

Linus Uhlig
clock 05 November 2024 • 1 min read
Trustpilot