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MPC will raise interest rates twice next year - Nomura

Following the UK's Budget, analysts at Nomura view that the MPC will raise interest rates twice (more than consensus forecasts) next year.

Key Quotes:

"The aggregate cost to the Treasury of the measures Mr Hammond announced today (including those announced since the last Budget in March) was some 0.3% of GDP in 2018-19 and 0.5% the following year (£6bn and £10bn respectively), clearly marking a fiscal loosening by the Treasury.

Indeed, on this metric the loosening was larger than that announced in last year’s Autumn Statement following the vote to leave the EU. This will not go unnoticed by the BoE, which strengthens our view that the MPC will raise interest rates twice (more than consensus forecasts) next year."

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