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Six out of nine members of the Monetary Policy Committee voted to keep rates at a 15-year high of 5.25%. Jonathan Haskel and Catherine Mann opted voted for a 0.25 percentage-point hike, while Swati Dhingra voted for a cut of the same size. ....
The panel maintained its guidance that rates would need to be “sufficiently restrictive for sufficiently long” to rein in inflation. That stood in stark contrast with fresh signals from the Federal Reserve that US policymakers were preparing to ease rates next year. ....
Despite publishing forecasts which now show the British economy now skirting close to a recession and flat-lining in the coming years, the BoE held Bank Rate at 5.25% for the second meeting in a row after 14 back-to-back increases. It also reinforced its message that borrowing costs were set to stay high, even though only about half of the impact of its long run of rate hikes have been felt in the economy so far. ....
A former Bank of England chief economist has said the institution may have persisted a little longer than we needed to with some of its Covid-era policies. ....