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Breaking: Bank Of England Maintains 5.25% Interest Rate
The Bank of England has left its interest rate unchanged at 5.25%, a day after inflation unexpectedly fell by more than expected.
The Bank’s monetary policy committee (MPC) voted 5-4 – the narrowest possible margin – to leave the cost of borrowing unchanged.
Up until the inflation data was released on Wednesday morning, markets had put an 80% probability on them raising the rate by a further quarter percentage point.
By this morning, that probability had sunk to just below 50%.
The decision brings to an end the longest successive period of “tightening” (a lift in the cost of borrowing) in recent Bank of England history – as the MPC raised rates in 14 successive meetings.
The last time the MPC voted to leave interest rates unchanged was in November 2021.
However, the fact that four members – Jon Cunliffe, Megan Greene, Jonathan Haskel and Catherine Mann – voted to raise the cost of borrowing might be seen as a signal that in the coming months the Bank may lift rates again.
The Bank also voted to continue its programme of reversing quantitative easing – the scheme whereby it creates money to buy government bonds and pump cash into the economy.
Details later…
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