UK is entering ‘mid-cycle slowdown’

Citi anticipated the Bank of England’s Monetary Policy Committee would keep the interest rate on hold until late next year.

This assessment, made prior to the publication of the inflation data, came as many market participants once again started to push out expectations of a rate hike.

This was in spite of BoE governor Mark Carney saying a decision would be brought “into sharper relief around the turn of the year”.