Bank of England keeps official interest rates unchanged with no voter in favour of rise


Banca March: Eight members of the Bank of England’s Committee yesterday supported maintaining the level of the cost of money at 5.25%, with only one in favour of a first cut. This marks the first meeting since September 2021 at which not a single voter has supported a rate hike. The governor of the Bank of England has stated that, although it is not yet time to cut rates, they are moving in the right direction. He has also acknowledged the signs that inflation is easing, but the monetary authority needs more certainty that inflationary pressures are under control. Indeed, February’s data revealed the lowest levels of year-on-year price variations in the last two and a half years, +3.4% compared to +4% in January. Although the projections made by the Bank of England estimate +2.2% in the second quarter of this year, they foresee a rebound of up to +3% at the beginning of 2025.

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