⏺Bank of England Holds Interest Rates at 4.75%
The Bank of England has kept interest rates at 4.75%, though a potential cut could come as soon as February 2025. Three of the nine committee members favored a reduction to 4.5% amid signs of economic stagnation in the final quarter of 2024.
Governor Andrew Bailey stated that while rate cuts are likely, the timing remains uncertain due to economic volatility. Deputy Governor Dave Ramsden cited sluggish demand and a weakening labor market as concerns.
The Bank now forecasts 0% growth for October to December, down from its previous 0.3% estimate. The decision will be reassessed in February with new data on recent £40bn tax hikes and evolving US trade policies.
INSIDER | UK
The Bank of England has kept interest rates at 4.75%, though a potential cut could come as soon as February 2025. Three of the nine committee members favored a reduction to 4.5% amid signs of economic stagnation in the final quarter of 2024.
Governor Andrew Bailey stated that while rate cuts are likely, the timing remains uncertain due to economic volatility. Deputy Governor Dave Ramsden cited sluggish demand and a weakening labor market as concerns.
The Bank now forecasts 0% growth for October to December, down from its previous 0.3% estimate. The decision will be reassessed in February with new data on recent £40bn tax hikes and evolving US trade policies.
INSIDER | UK