Bank of England does not need to hike interest rates, says IMF — it may even need to cut
The International Monetary Fund suggests that the Bank of England may need to consider cutting interest rates despite expectations for a hike due to renewed inflationary pressures. The IMF has upgraded the U.K.'s growth forecast for 2026 but warns that rising energy prices could complicate monetary policy. It emphasizes the importance of maintaining a restrictive monetary stance while remaining flexible to adjust rates as needed.
- ▪The IMF has upgraded the U.K.'s growth forecast for 2026.
- ▪It suggests the Bank of England should be ready to cut interest rates if necessary.
- ▪The rise in energy prices is expected to lift headline inflation this year.
- ▪The IMF recommends holding the Bank Rate at 3.75% to limit inflation effects.
- ▪The BOE should retain flexibility to adjust its monetary stance in response to economic conditions.
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| Canonical URL | https://www.cnbc.com/2026/05/18/bank-of-england-interest-rates-inflation-imf-gdp.html |
| Publication time | Mon, 18 May 2026 13:10:59 GMT |
| Retrieval time | 2026-05-18T13:14:56.465Z |
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Opening excerpt (first ~120 words) tap to expand
Renewed inflationary pressures in the U.K. since the outbreak of the Iran war has upended expectations for monetary policy, with the Bank of England forecast to hold, if not hike, interest rates this year.But the International Monetary Fund — which on Monday upgraded the U.K.'s growth forecast for 2026 — suggested that the central bank should be ready to cut interest rates, if necessary. "Monetary policy should remain restrictive to ensure that higher energy prices do not spill over to core inflation and wage growth," the IMF said in its latest forecast for the U.K.
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