BoE holds rates and cuts 2024 growth forecast to 0%
‘More evidence’ needed before cuts, though bank expects inflation to reach 2% by 2026
The Bank of England (BoE) held its policy rate at 5.25% today (February 1) for the fourth consecutive meeting.
The monetary policy committee decided by six votes to three to keep the rate at its current level – the highest it has been since 2008.
Swati Dhingra voted to lower it to 5% – the first time an MPC member has done so since 2021.
Two members, Jonathan Haskel and Catherine Mann, voted to raise the rate by 0.25%. In December, three members had voted to increase it by the same amount.
BoE
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