Reported 8 months ago
The Bank of England decided to keep its main interest rate at 5.25%, despite inflation falling to the target of 2%. This decision, which marks the second consecutive meeting without a change, was supported by seven out of nine members, while two members advocated for a rate cut. Governor Andrew Bailey expressed the need to ensure that inflation remains low before making any changes. The decision is expected to have a significant impact on the upcoming U.K. general election, with economists predicting a rate cut in the near future to support economic growth.
Source: YAHOO