BoE holds interest rates but close vote shows inflation risk has eased

BoE holds interest rates but close vote shows inflation risk has eased

Briefly

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"Andrew Bailey, the Bank's governor, said: We now think that inflation will fall back to around 2 per cent by the spring. That's good news. We need to make sure that inflation stays there, so we've held interest rates unchanged at 3.75 per cent today. All going well, there should be scope for some further reduction in the bank rate this year."

"The Bank of England (BoE) has held interest rates at 3.75 per cent in its first vote of the year, after it was cut six times in 18 months. Although the result was expected, the nine-person Monetary Policy Committee (MPC) vote turned out much closer than anticipated, with a 5-4 result paving the way for cuts if the future economic outlook is positive. Minutes from the MPC meeting suggested inflation, wage growth and unemployment were the driving factors in making the decision."