Finance
Bank of England's Taylor says it's time to cut interest rates
Published by Global Banking & Finance Review®
Posted on January 15, 2025
1 min readLast updated: January 27, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 15, 2025
1 min readLast updated: January 27, 2026
Alan Taylor of the Bank of England advocates for interest rate cuts amid signs of a UK economic slowdown, despite persistent inflation concerns.
LEEDS, England (Reuters) - The Bank of England should move quickly to bring down interest rates given signs of a slowdown in Britain's economy, Alan Taylor, the BoE's most recently appointed interest rate setter, said on Wednesday.
"We are in the last half mile on inflation, but with the economy weakening, it’s time to get interest rates back toward normal to sustain a soft landing," Taylor said in the text of a speech he was due deliver at Leeds University.
"It is this logic that convinced me to vote for an interest rate cut in December."
The BoE has reduced its benchmark Bank Rate twice since August - less than other central banks - and it has stressed it is likely to move gradually on further interest rate cuts, given persistent inflation pressures in Britain's economy.
(Reporting by Andy Bruce in Leeds and Suban Abdulla and William James in London; editing by William Schomberg)
Alan Taylor suggests that the Bank of England should quickly cut interest rates due to signs of a slowdown in Britain's economy.
Taylor believes it's time to cut interest rates to sustain a soft landing as the economy weakens, despite being close to controlling inflation.
The Bank of England has reduced its benchmark Bank Rate twice since August, which is fewer than other central banks.
The BoE has indicated that it is likely to move gradually on further interest rate cuts due to persistent inflation concerns.
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