According to Jinshi Data, Rob Wood, chief UK economist at Panson Macro, pointed out that the Bank of England does not need to rush to cut interest rates again because the UK economy only slowed down slightly during the second quarter.
Wood said economic expansion in the second quarter was slightly weaker than the Bank of England expected, but not enough to force central bank policymakers to cut interest rates again next month.
He said that at present the overall trend is more important to the Bank of England than individual data. Given that inflation is generally on a downward trend and the economy is generally moving forward, the Bank of England can wait until November to act.
