Bank of England MPC backtracks on planned rate cut
Latest inflation report forecasts larger overshoot of 2% target
The Bank of England's monetary policy committee (MPC) has backtracked on its guidance that a further rate cut would come later in 2016, documents released from its latest meeting today (November 3) show.
Though the monetary policy stance went unchanged, the MPC says the likelihood of a further cut in bank rate has "expired" in light of a more favourable growth outlook and a higher forecast path of inflation.
In August, the BoE cut interest rates to 0.25% and implemented a scheme of government
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