The Bank of England decided to keep interest rates unchanged at its meeting moments ago, settling at 4.75%, as expected, by a majority vote of 6-3, with three members favoring a 25 basis point rate cut.

The bank’s interest rate report said the bank needed to ensure that inflation rates were heading towards the 2% target after figures showed inflation in the United Kingdom rose to 2.6% in November, compared to 1.7% in September, a level higher than the bank’s members expected, while the bank indicated smaller cuts for next year.

The committee will continue to monitor inflation risks on an ongoing basis and assess the extent of inflationary pressures, and the committee will decide on monetary policy at each meeting separately.