Economists push back timing of first BoE rate hike, poll shows

Economists have pushed back their forecasts for the timing of the first interest rate hike from the Bank of England for the third time this year, according to the latest poll from Reuters.

However, the newswire said it was a 'close call', explaining that just under half the economists were expecting a move in the fourth quarter or earlier, while the other half was expecting a delay until at least 2017.

A 4 January survey showed economists were expecting the first rate rise to arrive in April-June 2016.

The results of the poll pointed to only a 45% probability that Bank Rate would rise by the end of 2016, versus the 55% derived from the survey undertaken over the week to 26 January.

Money markets were pointing to no rate increases over the next four years, Reuters said.