A June rate hike no longer looks likely Our view on the Bank of England has shifted over recent weeks. Six weeks ago, at the Bank’s April meeting, it felt as though officials were edging closer to a rate hike. While policymakers looked notably more reluctant to tighten policy than their counterparts at the European Central Bank, most were also working off a more benign energy scenario than our own base case at a time when sentiment around the Middle East crisis remained fragile.