1 Dec

Second poll reveals rate cut consensus

Second poll reveals rate cut consensus

Another poll ahead of this week's meeting of the Bank of England's monetary policy committee has found unanimous agreement that the base rate will be cut.

Of the 11 experts who spoke to Adfero, all forecasted reductions of between 0.5 per cent and one per cent.

Five said a one per cent cut was on the cards, two suggested 0.75 per cent and one went for 0.5 per cent, while the other three said the reduction will be either 0.5 per cent or one per cent.

A reduction of this size could help bring down the cost of mortgages, something that could encourage first-time buyers.

The Adfero poll closely matches the sentiments expressed by a Reuters poll of economists last week.

In that survey, the consensus was again for a 0.5 per cent fall in the base rate, with some tipping a one per cent cut.

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