The Monetary Policy Committee of the Bank of England has voted to hold interest rates at 5.25%, as expected. Sitting since August last year, they will remain for another month at their highest level since 2008, after 14 consecutive hikes. With CPI inflation at 3.2% there is serious pressure to finally bring rates down…

Last month saw an increasingly dovish mood with an 8-1 majority voting to leave rates on hold – the one dissenter voting for a cut. This month the split is 7-2. The doves are gaining ground…

The Institute of Economic Affairs’ “Shadow Monetary Policy Committee” is pushing for a 0.5% cut, warning that a slow money supply will impede growth and risk deflation. The data shows that political swings coincide with rate reductions – Sunak will be hoping for movement from the bank soon…