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Leave voters think falling house prices and higher interest rates are a price worth paying for Brexit

Falling house prices and higher interest rates are a price worth paying for Brexit, according to many Leave voters.

Research by YouGov found that various ‘worst-case scenarios’ predicted by the Bank of England were seen as being worth it in the minds of Leave voters.

According to The Times, 56% of Leave voters said interest rates rising to 4% would be a price worth paying for Brexit, compared to just 16% who don’t.

Brexiteers were also more likely to see falling house prices as a price worth paying, at 52% versus 20%, according to the report.

But they were split on the warning that unemployment could rise, with 35% seeing it as a price worth paying and 35% thinking it’s not a price worth paying.

The same went for the value of the pound falling (34% on both sides) and inflation rising (36% thinking it would be a price worth paying and 32% saying not).

YouGov quizzed people on individual worst-case scenarios set out by the Bank of England.

But its research also suggested that Leave voters are less likely to be worried about the scenario than Remainers.

According to The Times, while overall 77% of Brits think the Bank of England’s project rise in unemployment to 7.5% would be a bad thing – this works out at 69% or Leave voters, compared to 91% of Remainers.

And while just 1% of overall Britons see a GDP drop to be a good thing, it works out at 16% of Leave voters compared to 4% of Remain voters.

Source: Yahoo News UK

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Sterling to make solid gains this year if Brexit path smooth – Reuters poll

Sterling is likely to gain more than 8 percent this year — assuming Britain and the European Union part ways amicably, according to a Reuters poll of foreign exchange strategists.

The pound has largely been ignoring economic data, instead swinging wildly on any snippet of news about Britain’s departure from the EU in less than three months.

While it has showed some strength to start the year, that is largely down to dollar weakness. Its performance against the euro has been more muted.

With only a short time left, the Brexit outcome remains uncertain. British lawmakers are expected to vote next week against a Brexit agreement Prime Minister Theresa May struck with the EU in November.

May’s government suffered a defeat in parliament on Tuesday when lawmakers who oppose leaving the EU without an accord won a vote creating a new obstacle to a no-deal Brexit.

On Wednesday, May failed to win over the Northern Irish party which props up her government and then lost a vote which means she has a shorter period of time to come up with an alternative plan if she is beaten next week.

A November Reuters poll said sterling would rise around 5.5 percent in the event of an amicable split but fall over 6 percent if there is a hard Brexit.

Still, there is only a median 25 percent probability of a disorderly Brexit, a Reuters poll predicted last month. Almost 90 percent of economists surveyed expect a free-trade deal between the two sides. [ECILT/GB]

Those economists also mostly expect the Bank of England to raise interest rates by 25 basis points to 1.0 percent as soon as April, which would support the currency.

Ongoing doubts about the health of the world’s two biggest economies – the U.S. and China – as well as a trade war between them that’s hurting growth have raised questions about how high U.S. interest rates will go this year.

The dollar’s rally is largely over, according to about two-thirds of the currency strategists polled by Reuters. They said dialling back rate hike expectations has diminished the dollar’s strength. [EUR/POLL]

On Wednesday, the pound rose towards $1.28 after reports May was attempting to win over the Northern Irish Democratic Unionist Party in next week’s crucial vote but dropped when she failed.

Sterling also rallied on Tuesday following reports British and European officials were discussing the possibility of extending the formal exit process amid fears a Brexit deal will not be approved by March 29.

In a month, sterling will be little moved from Wednesday’s levels, trading at $1.27. When Britain and the EU part ways it will have strengthened to $1.30. By mid-year it will have climbed to $1.32 and at year-end it will be over 8 percent higher at $1.38.

“Ultimately, we assume the removal of the current Brexit uncertainty, which will prompt a period of pound appreciation as the year unfolds,” noted analysts at MUFG, who expect a sterling rally to $1.43 by year end.

However, that 12-month median forecast is still lower than the $1.50 sterling was hovering around before the June 2016 Brexit referendum. Only three of 66 analysts with 12-month forecasts expected it to strengthen past that.

Highlighting the uncertainty around the pound’s future, the 12-month forecast ranged from $1.22 to $1.59.

Against the euro, the pound will make modest gains. On Wednesday, a euro was worth about 90.0 pence. In six months, forecasts are for 87.0p and in a year 86.5p.

Source: UK Reuters

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Former top Bank of England official calls Brexit economists ‘charlatans and crackpots’

A former top official at the Bank of England has claimed most economists’ work is irrelevant, and said it allowed “charlatans and crack pots” to fill their place in the debate over issues like Brexit.

Danny Blanchflower tweeted that it was “hard to see the relevance of most of economics”, saying 95% of papers he saw were on subjects that few people cared about or which “failed to make the world better.”

Blanchflower then told Yahoo Finance UK the profession was too focused on publishing in major but not widely read journals, rather than seeking to answer critical questions.

The economist, a former member of the Monetary Policy Committee which sets UK interest rates, said economics’ reputation suffered as a result of its failure to predict the financial crisis, partly because it had been dominated by “third-rate mathematicians who knew nothing about the real world.”

Many economists had begun to use more empirical rather than theoretical work, he added, but were using narrow experimental methods which “precisely answer narrow questions that nobody cares about very much.”

He said: “My view is that economics has lost its way. I did some work looking at the top five journals and ten years later most papers are hardly cited, and especially so in theory.

“As a policy maker I look at the papers that are published weekly and say to myself, ‘Who is this aimed at, which policy maker in the world cares and how would this improve the human condition one jot?’ The vast majority fail these tests.”

“This leaves the major issues of the day, especially in macro-economics, open to charlatans and fools. A good example in the UK is some of the economists supporting Brexit, who are a bunch of charlatans and crackpots,” he said.

It is not the first time economists in favour of Brexit have come under fire, with the Economists for Brexit group accused of publishing a “doubly misleading” study last year.

Their report was the only economic model to show material benefits from a no-deal Brexit, but the modelling used was condemned by several leading economists.

But mainstream economists have also drawn increased criticism over the past decade since the financial crisis, though heavy attacks from former influential government figures like Blanchflower are less common.

In 2016, the Conservative MP Michael Gove, now environment minister, refused to name any economists who had endorsed Brexit, famously claiming that “people in this country have had enough of experts”.

US president Donald Trump also allegedly considered sacking Chair of the Federal Reserve Jerome Powell, who he appointed in February 2018, as the S&P 500 entered a bear market last week.

Source: Yahoo Finance UK

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Pound Sterling to Rise by 5% against the U.S. Dollar in 2019 says Lloyds Bank

The Britsh Pound will rise by more than 5% against the U.S. Dollar next year, according to analysts at Lloyds Bank, as an orderly exit from the EU enables the Bank of England(BoE) to lift its interest rate again just as the Federal Reserve (Fed) brings its own tightening cycle to a close.

Pound Sterling will be volatile until the end of the first-quarter 2019, the bank says, as markets fret over whether Prime Minister Theresa May will be able to pass her Withdrawal Agreement through parliament. However, ratification of the deal early next year is forecast to see the UK exit the EU in an orderly manner.

That should enable markets and the Bank of England to address mounting inflation pressures in the economy, where a falling unemployment rate has been encouraging wage growth for workers. The BoE has already flagged this repeatedly as a likely threat to its 2% inflation target over coming years.

“The BoE has been clear in its guidance, reiterating that, should the economy progress in line with its expectations, a gradual tightening of monetary conditions would be appropriate. There is broad agreement on the MPC that this is consistent with a 25bp rate hike per year over the next three years,” says Gajan Mahadevan, a strategist at Lloyds Bank.

Mahadevan says the BoE will raise the base rate again in August 2019, taking it up to 1%, after PM May is succesful in passing her Withdrawal Agreement through the House of Commons. Meanwhile, the Federal Reserve is expected to ease off on its tightening of monetary policy.

“Among key developed market economies, the US has been the outperformer for some time. Having hit an annualised rate of 4.2% in Q2, GDP growth slowed in Q3 to a still impressive 3.5%,” Mahadevan writes. “However, there are signs that the rises in interest rates over the course of the last few years are starting to take their toll.”

Mahadevan and the Lloyds team say the Federal Reserve will raise interest rates only twice in 2019 as earlier policy tightening takes its toll on the US economy, leading the central bank to bring its multi-year cycle of interest rate hikes to a close. That would mark a turning point for the U.S. Dollar, especially against the Pound.

If the Fed stops raising its interest rate at the same times as markets are becoming willing to bet more confidently on further BoE policy tightening over coming years then it could effectively pull the rug out from beneath the U.S. Dollar.

The Fed raised its interest rate to 2.5% last week, marking its fourth rate hike of 2018, but used its so-called dot plot to signal that it will raise rates on only two occassions next year.

The Dollar index has risen by 5.2% in 2018 after reversing what was once a 4% year-to-date loss wracked up mostly during the first quarter. A superior performance from the U.S. economy was behind the move, because it enabled the Fed to raise rates as economies elsewhere slowed and their respective central banks sat on their hands.

“We expect the currency pair to rally towards 1.35 by June 2019, before settling around 1.33 at year-end. However, the high degree of uncertainty, particularly around the UK’s withdrawal from the EU, means that at this stage our conviction is low,” Mahadevan writes, in a recent note to clients.

Mahadevan’s target of 1.33 for the Pound-to-Dollar rate at the end of 2019 implies a 5.1% increase from Thursday’s 1.2657 level. However, while Sterling may easily recover lost ground from the Dollar before the end of 2019, other analysts have warned that steep losses could be likely before March 2019 comes to a close.

“We will enter 2019 with the most important aspects of the Brexit situation still unresolved. December was an enormously bad month for Theresa May,” says Stephen Gallo, European head of FX strategy at BMO. “To the detriment of the GBP, the remaining Brexit permutations appear to be declining in number.”

Prime Minister Theresa May survived a leadership challenge in December but she still lacks enough support in parliament for her Brexit Withdrawal Agreement to make it onto the statute book.

Analysts and traders have been readying themselves for a seemingly inevitable defeat of the government when the House of Commons gets its “meaningful vote” on the Withdrawal Agreement in January.

Lawmakers on all sides of the House have pledged to vote against the proposals for a variety of reasons and the PM is currently expected to lose the ballot in the Commons.

Approval before March 29, 2019 is key if the UK is to avoid leaving the EU without any preferable arrangements in March 2019 and defaulting to trading with the bloc on WTO terms.

“The first permutation is a “hard Brexit” in which the UK legally exits the EU on March 29th without a deal, forcing the country to revert to WTO rules. We would assign a 45% probability to that outcome at this stage and assume a level of $1.20 in GBPUSD if that comes to pass,” Gallo writes, in a note to clients.

Source: Pound Sterling Live

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Bank of England keeps interest rates on hold amid Brexit slowdown

The Bank of England has kept interest rates on hold at 0.75 per cent as it cautioned “intensified” Brexit uncertainties were slamming the brakes on UK growth.

Policymakers on the bank’s nine-strong Monetary Policy Committee (MPC) voted unanimously to keep rates unchanged in its last decision of 2018.

The bank said no-deal Brexit fears had “intensified considerably” since its last meeting and these were hitting financial markets, bank funding costs and the pound, as well as the wider economy.

The bank warned internal estimates suggested UK growth was set to slow by more than previously expected to 0.2 per cent in the final three months of the year, down sharply on 0.6 per cent seen in the heatwave-boosted third quarter.

It added growth was likely to remain around that level in the first three months of next year. This was worse than first feared by the bank, which said in November that growth was likely to slow to 0.3 per cent in the fourth quarter and recover to around 0.4 per cent thereafter.

In minutes of the rates meeting, the bank said: “The further intensification of Brexit uncertainties, coupled with the slowing global economy has also weighed on the outlook for UK growth. “Business investment has fallen for each of the past three quarters and is likely to remain weak in the near term.”

The housing market has remained subdued and retail spending was showing signs of slowing, the bank said. But the bank said it had looked to separate the “shorter-term developments” from the dynamics of the economy.

It reiterated that, assuming the economy grew in line with forecasts and assuming an orderly Brexit, rates would likely need to rise by a “gradual pace and to a limited extent” to bring inflation – currently running at 2.3 per cent – back to target.

It also stands ready to respond to the fallout from Brexit, warning once more than rates could go “in either direction” even in a cliff-edge withdrawal. Agriculture co-op to create Aberdeen business hub Just weeks ago, the bank warned in its Brexit scenario analysis that Britain could be tipped into a recession worse than the financial crisis in the event of a no-deal disorderly Brexit.

Governor Mark Carney has insisted that rates could go up or down after a cliff-edge Brexit, with the bank’s analysis warning they might be hiked to 5.5 per cent if a further fall in the pound sends inflation soaring. In the controversial documents requested by the Treasury Select Committee, the bank predicted the worst-case scenario could see GDP fall by 8 per cent, the pound plunge by 25 per cent and house prices tumble 30 per cent.

The minutes of the latest MPC meeting also flagged up slowing global growth, particularly in the euro area where it said the slowdown had been marked.

But it said Chancellor Philip Hammond’s recent Budget announcements would offer a boost to GDP, forecasting these would add around 0.3 per cent over the next three years.

The Bank also offered some cheer to households as it said current internal estimates saw inflation, which eased back to 2.3 per cent in November, dropping further to around 1.75 per cent in January thanks to lower fuel prices and Budget measures.

Inflation would also remain below the 2 per cent target for the following three months before picking up later in 2019. On the outlook for rates, Andrew Goodwin, an economist at Oxford Economics, said: “It is virtually inconceivable that the committee will move this side of March 29.”

He added: “We expect the acceleration in wage growth to peter out in the new year and, with inflation set to drop some way below target, we think that the Committee will struggle to sustain its hawkish rhetoric. “We continue to forecast one 25 basis point rate hike in 2019, with the risks skewed towards policy remaining on hold all year.”

But Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said if a deal is agreed, the Bank “won’t waste any time to raise interest rates”.

“We continue to think that the MPC won’t wait for signs of a recovery to emerge in the data and will raise bank rate to 1 per cent in May, once MPs have signed off a Brexit deal late in the first quarter,” he said.

Source: Scotsman

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UK banks capable of surviving a “no-deal” Brexit

The Bank of England (BoE) insists the UK’s high street banks are capable of withstanding a disorderly “no-deal” Brexit, despite the fact that a no-deal situation could leave the UK economy worse off than the 2008 recession.

Following the BoE’s recent financial sector health check, it was confirmed that none of the mainstream lenders was encouraged to raise more capital to strengthen their finances in the midst of the Brexit uncertainty.

There is a growing belief that UK Prime Minister Theresa May will see her proposed Brexit deal with the European Union (EU) rejected by members of Parliament. This would leave the UK in a state of limbo, heading towards a no-deal Brexit scenario as it prepares to leave the EU at the end of March 2019.

Despite this confusion and unrest, seven of the UK’s leading high street lenders – Barclays, HSBC, Lloyds, RBS, Nationwide Building Society, Standard Chartered and Santander – were tested in a “crisis” scenario involving a 4.7% decline in UK GDP, a 33% fall in house prices and a 27% decline in the value of pound sterling. They all passed this stress test, with the Bank stating that the results showed the UK banking system was “resilient to deep simultaneous recessions in the UK and global economies”.

However, uncertainty remains in Italian politics which could yet have a major impact on the ongoing Eurozone debt crisis. The new Italian government has been at loggerheads with EU officials regarding spending proposals and any further decline in Italy’s financial outlook could spill over into the EUR/USD rates.It has been a difficult last month or so for the pound. It has fallen from £1.15 to the euro to £1.12 to the euro since the UK’s MPs have taken such a dim view of Theresa May’s Brexit agreement with the EU. The pound has also steadily weakened against the US dollar in recent weeks, with President Trump questioning the UK’s ability to arrange a future trade deal with America based on the Prime Minister’s draft agreement. The euro has managed to hold firm against the dollar in light of the recent G20 summit in Argentina, which proved fairly positive for all concerned.

The EU recently conducted its own stress tests of banks within the EU member states. Lloyds and Barclays were some of the worst performers across the 48 European lenders assessed based on declining GDP, a no-deal Brexit and a sell-off of government bonds. Both Barclays and Lloyds actually came close to failing the BoE’s recent stress tests based on core capital levels alone. However, the fact that some of the banks’ assets could be easily converted into equity in such dire straits meant that they would have more headroom.

Aside from the continued financial risks related to Brexit, the BoE reiterated that risks at a domestic level “remain at a standard level overall”. It added that risk appetite between the leading banks was strong, but that borrowing levels had fallen somewhat amid the Brexit uncertainty and the fallout from the UK/EU divorce.

Source: Banking Tech

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What will happen to UK interest rates in 2019?

Nobody knows what will happen. And that uncertainty makes it incredibly difficult to guess the future path of interest rates in the UK because the potential scenarios are many.

The base rate is currently 0.75%. It was hiked by the Bank of England in August from 0.5% because borrowing in the economy was strong and the labour market robust. But the economy is weakening again.

Brexit impact
“Due to the ongoing Brexit negotiations and an unstable political picture, the degree of uncertainty in the economy is greater now than it has been for roughly a decade,” Nina Skero, head of macroeconomics at the Centre for Economics and Business Research (CEBR) consultancy, told Yahoo Finance UK.

“This means that the bands of uncertainty around economic forecasts, including those for interest rates, are also greater than usual. Furthermore, the anticipated GDP growth slowdown and the prospect of a sterling depreciation have made it more difficult to predict the direction of any change in interest rates.”

Leaving the European Union—or not, as the case may be, if there’s a second referendum with remain on the ballot—is such an all-encompassing event that it dominates the economy.

Businesses are delaying investments. Consumers are becoming less confident. GDP growth is weak. Little progress can be made until the Brexit question is finally resolved and everyone knows where they stand.

So when the moment finally comes, what happens next will determine how rate-setters on the Bank of England’s Monetary Policy Committee (MPC) respond.

The worst case Brexit scenario is that Britain crashes out of the EU with no deal and with insufficient preparation.

The economic shock of no deal—our trading relationship with the EU would grind to a halt, temporarily at least, despite accounting for about half of Britain’s trade—would likely send the value of sterling plummeting.

That would leave the Bank little choice but to hike rates sharply to shore up the pound and hold inflation down. Borrowing would become significantly more expensive for businesses and consumers.

Under the Bank’s model for a no-deal Brexit, the base rate jumps to 5.5%. If no-deal is mitigated by a transition arrangement, the base rate is anticipated to hit 1.75%.

Should there be a deal, however, under which Britain’s exit from the EU is managed, smooth, and any damage limited, it would give the Bank some breathing room.

Policymakers could take some time to assess the impact of the Brexit deal on the economy.

Although the base rate is near its historic low, there is room to cut it again to stimulate lending should the potential economic slowdown warrant it—so interest rates may fall after Brexit.

Likewise, the Bank could hold steady, keeping the rate at its current level for longer, maintaining the cheap lines of credit flowing into the economy for small businesses and consumers.

Or, if it believes the economy is robust enough to handle it even after Brexit, the Bank could continue with its current plan of gradual rises. It wants to bring the base rate back up to a more normal level after years of unprecedented lows in the aftermath of the 2008 financial crisis.

Source: Yahoo Finance UK

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Bank expected to hold rates at 0.75% amid Brexit turmoil

Bank of England policymakers are set to keep interest rates on hold at 0.75% after recent turmoil in Westminster and as Brexit uncertainty reigns.

The last rates decision of 2018 comes as prospects of a Brexit deal remain highly uncertain, with the economy showing signs of stagnating as businesses, consumers and home-buyers put big spending decisions on hold.

Members of the Bank’s nine-strong Monetary Policy Committee (MPC) appear to be staying firmly in wait-and-see mode, with the outlook clouded by worries over a no-deal EU withdrawal.

Just weeks ago, the Bank warned in its Brexit scenario analysis that Britain could be tipped into a recession worse than the financial crisis in the event of a no-deal disorderly Brexit.

Investec economist George Brown said: “Given the prevailing Brexit uncertainty, we expect policymakers to refrain from altering any aspects of its monetary policy toolkit.”

But he said the Bank may look to “keep some coals in the fire for a February hike” as inflation pressures build and amid the potential for an economic boost once there is clarity over a deal.

He said: “We expect the minutes of the November meeting to signal that a rate hike is ‘live’ for February.”

“The MPC may judge it necessary to insert stronger rate guidance to lift investors’ Brexit blinkers,” he added.

But he stressed that the MPC may choose to push back any further increases if an orderly Brexit is still not assured by its next meeting, when the Bank will also publish its next set of inflation forecasts.

The latest economic indicators show the toll Brexit is already taking, with gross domestic product (GDP) easing sharply to 0.4% in the three months to October, against 0.6% in the third quarter.

November’s purchasing managers’ index reading also signalled the weakest expansion in the dominant services sector for two-and-a-half years.

However, this pales in comparison to the effects that a cliff-edge Brexit would have on the economy, according to the Bank’s recent doomsday no-deal analysis.

In the controversial documents requested by the Treasury Select Committee, the Bank predicted that the worst-case scenario could see GDP fall by 8%, the pound plunge by 25%, and house prices tumble 30%.

On top of this, the pound’s fall could send inflation racing to 6.5%, which would potentially see interest rates would rocket as high as 5.5%, the Bank warned.

Mr Brown said the MPC is likely to want to “avoid getting bogged down in the Brexit quagmire” at this month’s rates announcement after “it strayed into the political crosshairs” with the much-criticised Brexit scenario report.

He believes that, setting current Brexit uncertainties to one side, the outlook is not so gloomy and there is hope for demand and investment to bounce back in the first half of next year.

Recently announced Budget measures are set to act as a further boost and the MPC has already said it would “assess the implications” of these at its December meeting.

Meanwhile, official figures being released on Wednesday are set to show the rate of Consumer Prices Index inflation falling to 2.3% in November from 2.4% on October, according to Investec.

Source: Yahoo Finance UK

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Interest rates could rise in May 2019

Brexit and slowing economy growth have quashed the likelihood of an interest rate rise from the Bank of England in early 2019 but expect a move in May, a leading economist group has said.

The UK economy grew by 0.4% in the three months to October, down from 0.6% in the previous three months, data showed this week.

At the same time, the prime minister Theresa May has delayed a crucial parliament vote on her Brexit deal.

It means the uncertainty over how the UK will leave the European Union (EU) is set to continue for longer.

Markets now only give a 5% chance to the Monetary Policy Committee (MPC) raising the base rate in February, and 30% in May.

However, the chances applied to a May hike “looks like an overreaction”, according to Samuel Tombs, chief UK economist at Pantheon Macroeconomics.

He said: “Even if, as we still expect, the prime minister eventually forces a modified Brexit deal through parliament, the economic data likely won’t have perked up before the MPC’s meeting on May 2.

“Nonetheless, the committee regularly hikes due to its expectations for growth and underlying inflation, and it likely will expect both to strengthen, as investment recovers and the chancellor’s fiscal stimulus kicks in.

“As such, we still think the odds of a May rate hike exceed 50%.”

Strong wage and employment data released today could also strengthen the case for rates rising sooner rather than later.

Wage growth has increased to 3.3% both including and excluding bonuses, while employment is at a record high.

Tom Stevenson, investment director for personal investing at Fidelity International, said: “After yesterday’s weaker than expected GDP figures and more Brexit uncertainty after Theresa May’s last-minute decision to abort today’s Brexit vote, today’s wage growth figures provide UK workers with a little bit of pre-Christmas cheer.

“However, while we have now seen wage growth rise for four consecutive months, we are still not out of the woods.

“With the ongoing political and economic uncertainty, the recent steps forward could be reversed. Britain’s pay growth continues to lag our main competitors since the financial crisis.

“The current cocktail of concerns offers the Bank of England little incentive to hike interest rates any time soon.

“And even if the central bank does plan to increase rates over time, it expects to do so at a ‘gradual pace and to a limited extent’.”

Source: Your Money

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UK inflation expectations hit five-year high – BoE

The British public’s expectations for inflation in a year’s time have risen to a five-year high but fewer people expect an interest rate hike over the next 12 months, a Bank of England survey showed on Friday.

The BoE said median expectations for inflation in a year’s time rose to 3.2 percent from 3.0 percent in August’s survey.

That was the highest since the survey published in November 2013.

Britain’s inflation rate hit a recent peak of 3.1 percent in November 2017, pushed up by the fall in the value of the pound after the Brexit vote in 2016.

The consumer price index has since fallen back to 2.4 percent but remains above the BoE’s target of 2 percent.

Expectations for inflation in two years’ time eased back to 2.8 percent from 2.9 percent in August.

Inflation in five years’ time was seen at 3.5 percent, compared with 3.6 percent three months earlier.

The survey also showed 53 percent of respondents expected an interest rate increase over the next 12 months, down from 58 percent in August.

The BoE has raised interest rates twice since November 2017 and expects to continue pushing them up gradually, assuming Britain’s departure from the European Union goes smoothly.

The BoE’s data was based on a survey conducted by polling company TNS between Nov. 2 and 6.

Source: UK Reuters