. The Bank of England voted 8-1 to keep interest rates unchanged at 4.5%, as expected, at its meeting just moments ago. One member favored a 25 basis point cut.
The Bank’s interest rate report stated that significant progress has been made in reducing inflation over the past two years, despite it rising to 3% in January from 2.5% in December, higher than the February forecast.
The Bank still expects inflation to rise to 3.75% in the third quarter and is expected to decline thereafter. The statement noted increased uncertainty regarding global trade policy after the United States issued a set of tariffs, which led to a rise in the global market volatility index.
The Committee will continue to closely monitor inflation risks, and monetary policy will need to remain tight for a sufficient period to dissipate the risk of inflation returning sustainably to the 2% target over the medium term.
The Committee will decide on the appropriate degree of policy tightening at each meeting.
21/03/2025
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