The Bank of England cut interest rates by a quarter point to 3.75 per cent on Thursday, responding to signs of stagnation and cooling inflation while cautioning that future decisions on reductions were likely to be a “closer call”.
The central bank’s Monetary Policy Committee voted five to four in favour of a sixth rate cut since the summer of 2024, as it forecast that inflation is likely to fall close to its 2 per cent target in the second quarter of 2026.
Andrew Bailey, BoE governor, said he saw scope for “some additional policy easing” but added that the key question was whether inflation settled at the central bank’s target in an “enduring way”.
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