Bank of England Holds Interest Rate at 5.25 Percent

Published on June 20, 2024

In a widely expected move, the Bank of England (BoE) has held the interest rate at 5.25 percent, despite inflation reaching the bank’s two percent target in May. Members of the nine-person Monetary Policy Committee (MPC) voted on Thursday by a majority of 7–2 to keep the interest rate unchanged. The bank has kept the 16-year high value of 5.25 percent since August 2023. The split of votes was the same as the last time, when the MPC met on May 9. Two members of the committee – Swati Dhingra and Dave Ramsden–voted for a reduction again, by 0.25 percentage points to 5 percent. They argued that inflation–that reached the two percent mark in May–is set to stay at normal levels....

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