UK interest rates kept on hold with Bank alert to ‘highly unpredictable’ world
Interest rates kept on hold with Bank of England alert to ‘highly unpredictable’ world
- The Bank Of England's Monetary Policy Committee decided to keep UK Interest Rates unchanged at 4.25%.
- The decision was made following a split vote, with six members opting to hold rates and three preferring a cut.
- Bank governor Andrew Bailey stated that Interest Rates remain on a gradual downward path, but the world is highly unpredictable.
- The MPC emphasized that a gradual and careful approach to reducing borrowing costs continues to be the right course of action.
- The Bank is closely monitoring signs of softening in the labour market, such as slower hiring and easing wage growth, for their impact on UK inflation.