UK Inflation Expected to Fall, Interest Rates Unchanged

UK inflation is expected to fall in line with other countries, according to the Bank of England's Chief Economist. The BOE predicts a sharp decline in the inflation rate to below 5% in October. Interest rates are likely to remain unchanged for an extended period, indicating a tight monetary policy. The UK unemployment rate remains steady at 4.2%, but there are concerns about the accuracy and comparability of the new unemployment measure. UK businesses are becoming more pessimistic, leading to hiring freezes and staff cuts, with the economy showing signs of sluggish growth.