Bank of England deputy governor says summer rate cut ‘possible’

The deputy governor of the Bank of England has said that it is “possible” there could be a cut in interest rates this summer.

Ben Broadbent said on Monday that borrowing costs could be reduced this summer should the economy turns a corner.

He added, “Whatever the priors of its individual members the MPC will continue to learn from the incoming data and, if things continue to evolve with its forecasts – forecasts that suggest policy will have to become less restrictive at some point – then it’s possible the bank rate could be cut some time over the summer.”