""That's good news," said Bailey. "We need to make sure that inflation stays there. All going well, there should be scope for some further reduction in [the] Bank Rate this year.""
""On the basis of the current evidence, [the] Bank Rate is likely to be reduced further. Judgements around further policy easing will become a closer call. The extent and timing of further easing in monetary policy will depend on the evolution of the outlook for inflation.""
The Bank of England held Bank Rate at 3.75% after a knife-edge monetary policy committee vote in which four of nine members favoured a 0.25 point cut. Governor Andrew Bailey reiterated a forecast that inflation will fall close to the 2% target from April, earlier than previously expected, and said there should be scope for some further reduction in Bank Rate this year. December inflation rose to 3.4%, but Budget measures and lower wholesale gas prices were expected to help bring it down. The Bank cut 2026 growth forecasts to 0.9% and raised the unemployment projection to 5.3%.
Read at www.bbc.com
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