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China fears and EU vote could delay UK rate rise to 2017

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Fears caused by China stockmarket falls and the vote on the UK staying a member of the EU could delay any Bank of England interest rate rise to 2017, analysts have claimed.

Economists at UBS have said any delay to a vote on the UK remaining in the EU could push a rate rise out, making a first rise in 2017 possible, reports City AM.

The investment bank analysts said there will be uncertainty ahead of the EU vote, and is predicting an October 2016 poll rather than the widely-anticipated April.

This means the expected August rate rise next year could be pushed out until late 2016 or early 2017, says UBS.

In a separate note from analysts, Citi claimed that fears about the wider implications of the fallout in China and in commodity markets make it more likely rates will rise in the last three months of 2016.

Its previous estimate was that a rate rise would happen in the first quarter of 2016.

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