Inflation rises to 2.3% as energy bills grow

Jump in bills drives slight increase in CPI growth in October, with Bank likely to stick to cautious approach to rate cuts. UK inflation rose slightly more than expected to 2.3% in October on the back of a jump in energy prices.  Consumer Price Index (CPI) growth had slowed to 1.7% the previous month, raising some hopes of quicker than …

Bank of England reduces interest rates to 4.75%

Industry experts predict further reductions in the months ahead but say the Budget may slow the pace of future cuts. The Bank of England’s Monetary Policy Committee has voted 8–1 to reduce Bank Rate from 5% to 4.75%. One member preferred to maintain Bank Rate at 5%. The MPC last reduced interest rates from 5.25% to 5% in August, the …

Below-expected inflation paves the way for two interest rate cuts this year

September marks the first-time inflation has been below the Bank of England’s 2% target since April 2021. CPI inflation has fallen from 2.2% in August to 1.7% in September, below the Bank of England’s 2% target and below economists’ forecasts of 1.9%. After hitting the Bank of England’s 2.0% target in May and June, inflation rose to 2.2% in July …

Bank of England votes 8-1 to hold interest rates at 5%

Many economists predict that a further rate reduction will come at the Committee’s meeting in November. The Bank of England’s Monetary Policy Committee has voted 8-1 to hold Bank Rate at 5%. One member preferred to reduce Bank Rate by 0.25 percentage points, to 4.75%. The MPC reduced interest rates last month from 5.25%, the first cut since March 2020. …

Bank of England cuts interest rates to 5%

The Bank’s Monetary Policy Committee has reduced rates for the first time since 2020. The Bank of England’s Monetary Policy Committee has voted 5-4 to reduce Bank Rate to 5% – the first reduction since the early days of the Covid-19 pandemic in March 2020. Four members preferred to maintain Bank Rate at 5.25%. This month marks a full year …

Bank of England’s MPC holds interest rates in 7-2 vote

The Bank’s Monetary Policy Committee has held rates for a seventh consecutive time. The Bank of England’s Monetary Policy Committee has voted 7-2 to maintain Bank Rate at 5.25%, despite inflation falling to the Bank’s 2% target. Two members preferred to reduce Bank Rate by 0.25%, the same as the previous month. The Committee noted that CPI inflation is expected …