London-Sana
The Chief Economist of the British Central Bank, How Bell, expected today that the bank will announce a significant increase in the interest rate at its next meeting in November, after the turmoil in financial markets caused by the plan of Finance Minister Kwasi Koarting.
"It's hard not to come to the conclusion that this will require a significant monetary policy response," Reuters quoted Bell as saying at the Barclays Monetary Policy Forum organized by the Center for Economic Policy Research.
In turn, the American economist Larry Summers and former US Treasury Secretary said: “The increase in interest rates on long-term British debt indicates a loss of credibility, adding: “London’s ability to remain as a global financial center is at risk.”
After sterling touched an all-time low of $1.0327 yesterday, senior economists, investors and executives earlier warned that very low investor confidence in British assets would not recover unless Quarting canceled the economic plan he outlined on Friday.
As analysts continued to speculate about Britain's future financial direction, and markets were volatile, an increasing number of mortgage-trusters unable to price loans halted sales.
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