January’s interest rate decision is shaping up to be one of the closest for some time. While the incoming economic news relating to the end of last year has made the case for an immediate cut, the resurgence in the timelier activity surveys has provided a reason for the Monetary Policy Committee (MPC) to stand pat. Our instinct is that the MPC will keep rates on hold at 0.75% on 30th January, but it will be close.
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