Interest rate cuts unlikely in 2024 amid high inflation, warns founding MPC member
• Interest rate cuts in 2024 unlikely due to high inflation and wage growth, warns Dame DeAnne Julius, founding MPC member • Further energy price shocks could force Bank of England to raise rates further rather than cut • Julius believes Bank Rate may need to go as high as 5.5% this year • Wage growth spreading through services sector which comprises bulk of economy • 3 MPC members voted for further rate hike in December