The Bank of England kept its policy rate on hold at 0.75% today (December 19), though for a second meeting in a row, two officials voted in favour of a cut.

The monetary policy committee was split 7–2 in favour of the rate hold. Most MPC members noted data had come in broadly in line with the November forecast, with growth expected to be weak in the short term before recovering in the spring. Those voting to hold also highlighted the tight labour market and continued uncertainty around trade.