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The Bank of England has voted against a further cut to interest rates, after the latest UK inflation figures remained stubbornly high.. The nine rate-setters on the Bank’s Monetary Policy ...
UK interest rates have been held at 4.75% after the Bank of England voted to keep borrowing costs unchanged. ... the Bank forecast growth of 0.3% in the final three months of the year, but it now ...
Inflation is forecast to average 2.5 per cent this year and 2.6 per cent next year before coming down, assuming “the Bank of England responds” to help bring it to the target rate, the OBR said ...
The increase, which was above forecasts for a more modest increase, took inflation above the bank's target rate of 2%. Earlier this month, the bank decreased its main interest rate by a quarter of a percentage point to 4.75% — the second in three months — after inflation fell to its lowest level since April 2021.
The Bank of England’s nine-member Monetary Policy Committee kept its main interest rate unchanged at 4.75% with new data showing inflation rising to 2.6%, further above the bank's 2% target.
On Wednesday, the OECD said that UK interest rates, which currently stand at 4.75%, are expected to fall back to 3.5% by early 2026. It said that this was partly due to higher than expected inflation.
In the United Kingdom, the official bank rate is the rate that the Bank of England charges banks and financial institutions for loans with a maturity of 1 day. It is the Bank of England's key interest rate for enacting monetary policy. [1] It is more analogous to the US discount rate than to the federal funds rate.
Announced on 6 May 1997, only five days after that year's General Election, and officially given operational responsibility for setting interest rates in the Bank of England Act 1998, the committee was designed to be independent of political interference and thus to add credibility to interest rate decisions.