BoE likely to raise rates in first quarter

Uncertain times: Gardeners working on a flower bed outside the BoE in London. Despite restrictions, the economy is still expected to expand 1% this quarter but slow to 0.8% next quarter and to 0.7% in the second quarter. — Bloomberg

LONDON: The Bank of England (BoE) will wait until early next year before raising borrowing costs, later than previously expected, as it awaits further information on the economic impact of the new Omicron coronavirus variant, a Reuters poll found.

In a November poll, a slim majority of economists expected a rise from 0.10% to 0.25% on Dec 16.