The Monetary Policy Committee of the Bank of England has voted to slash interest rates to 3.75%. It was a 5-4 decision, with the Bank’s governor Andrew Bailey casting the swing vote. He said this afternoon:
“We still think rates are on a gradual path downward but with every cut we make, how much further we go becomes a closer call…”
The lowest level since February 2023…
The Monetary Policy Committee of the Bank of England has voted to hold interest rates at 4%. For another month…
A majority of 5–4. Four members voted to reduce Bank Rate by 0.25 percentage points, to 3.75%. Close…
The Bank of England’s chief economist Huw Pill has today warned that inflation is now at a higher risk of remaining persistent. The Bank of England growing increasingly cautious on another rate cut…
In yesterday’s monetary policy briefing the BoE said inflationary risks are up since May. Pill said in a briefing just now that “there is some shift in the balance of risks on inflation… At the margin, there has been an upward shift in inflation risks for 2-3 years’ time. There is a risk of spillover into more persistent inflation.” Unemployment is acting as an “offsetting factor”…
The BoE has said that inflation is set to peak at 4% at September after rising to 3.5% in the second quarter of the year. Andrew Bailey yesterday said domestic effects such as vehicle excise duty and additional taxes were pushing up inflation. Reeves will not be enthused by high inflation covering pretty much the length of the parliament…
The Monetary Policy Committee of the Bank of England has voted to cut interest rates by 25 basis points to 4%, as expected by market watchers. After holding at 4.25% last month…
That’s the third rate cut this year. The BoE: “At its meeting ending on 6 August 2025, the MPC voted by a majority of 5–4 to reduce Bank Rate by 0.25 percentage points, to 4%, rather than maintaining it at 4.25%.” Four voted to maintain at 4.25%, one voted to cut to 3.75%…
The bank is dour on growth: “Underlying UK GDP growth has remained subdued, consistent with a continued, gradual loosening in the labour market… Downside domestic and geopolitical risks around economic activity remain, although trade policy uncertainty has diminished somewhat.” Inflation predicted to rise to 4% next month…
The Bank of England is playing down the chances of an intrusive Central Bank Digital Currency today. A win for fans of privacy…
Briefings from staff at the Bank – which previously said it believed a “digital pound” was “likely” to be needed – indicate that the BoE is letting private businesses take the lead and won’t push for a CBDC at this time. They are pernicious risks to financial privacy and a successful hack could topple the system…
Later at his appearance before the Treasury Select Committee in the Commons today BoE Governor Andrew Bailey said private efforts could generate “huge benefits” themselves: “My view is, if that’s a success, I question why we need to introduce a new form of money.” Bureaucrats push for the currency to exact more control over transactions – which would all be stored on a central ledger. Raising taxes would be easier than ever…
The Monetary Policy Committee of the Bank of England has voted to hold interest rates at 4.25%. After cutting from 4.5% last month…
Six voted for no change, three for a cut. Slowly slowly…
UPDATE: The Bank of England says in its report that “underlying UK GDP growth appears to have remained weak.“
Former leader of the SNP in Westminster Ian Blackford told Times Radio why he believes Nicola Sturgeon’s claim that she spent no time in the kitchen and therefore didn’t see any of her husband’s purchases:
“She doesn’t have a passion for cooking.”