The Bank of England has kept its benchmark interest rate at 4.0% in a narrow 5-4 vote, hinting at a possible rate cut in the future. Governor Andrew Bailey mentioned that the bank needs to be sure inflation is on track to return to the 2% target before cutting rates again.๐ฏ
The Monetary Policy Committee (MPC) tweaked its key message, stating that "if progress on disinflation continues, Bank Rate is likely to continue on a gradual downward path". This suggests that the door is open for a rate cut, possibly in December, after the government's budget on November 26.๐งฟ๐ฏ
Economists believe the BoE will cut rates next month, with some predicting a further reduction to 3.25% by summer. The MPC will review upcoming economic data, including inflation and jobs data, before making its next decision on December 18 ๐จ๐ฏ
The Monetary Policy Committee (MPC) tweaked its key message, stating that "if progress on disinflation continues, Bank Rate is likely to continue on a gradual downward path". This suggests that the door is open for a rate cut, possibly in December, after the government's budget on November 26.๐งฟ๐ฏ
Economists believe the BoE will cut rates next month, with some predicting a further reduction to 3.25% by summer. The MPC will review upcoming economic data, including inflation and jobs data, before making its next decision on December 18 ๐จ๐ฏ