Interest Rates 2024 Prediction Uk. Subdued economic growth and troublingly persistent inflation suggest the uk may well fall victim to stagflation in 2024 if the labour market deteriorates further. The bank of england made the first cut to interest rates in four years in august 2024, giving hope to mortgage holders that the borrowing squeeze is coming to an end.

Headline consumer price inflation will stand at 7.7 per cent this year in the uk before dropping sharply to 3.7 per cent in 2024, according to the imf’s latest world. Uk interest rates are expected to be cut at least once this year.