The Monetary Policy Committee of the Bank of England has voted to hold interest rates at 4.5%. After a cut last time round…
Prior to reaching 4.5% the rate was held at 4.75% following a cut from 5%. A jumpy path to cutting rates. As expected by markets in the face of ‘economic uncertainty’…
The MPC split was 8-1. Interesting when it comes to the prospects for future cuts…
UPDATE: The Bank’s explanatory notes go into more detail: “While UK GDP growth estimates have been slightly stronger than expected at the time of the February Monetary Policy Report, business survey indicators generally continue to suggest weakness in growth and particularly in employment intentions. In recent quarters, subdued activity has been judged to reflect both demand and supply factors.” Thanks Rachel…
Red Wall Labour backbencher Jonathan Brash told GB News that Starmer should resign:
“I’m completely fed up about it, and I think it’s got to the point now where I genuinely think that, as far as the Prime Minister is concerned, it’s not a case of if, it’s when.”