Bank of England keeps interest rate at 5.25% for 6th time, seeks more proof inflation under control
The Bank of England is keeping its main U.K. interest rate at a 16-year high of 5.25% with several policymakers still worrying about some key inflation measures
By Pan Pylas
Published - May 09, 2024, 07:06 AM ET
Last Updated - May 27, 2024, 01:00 AM EDT
LONDON (AP) — The Bank of England has kept its main U.K. interest rate at a 16-year high of 5.25% with several policymakers still worrying about some key inflation measures.
In a statement Thursday, the bank’s nine-member Monetary Policy Committee voted 7-2 to keep rates unchanged, with the 2 dissenters backing a quarter-point reduction. Last time, only one member voted for a quarter-point cut.
The increase in the number of those backing a rate reduction is a clear indication that cuts are on the cards.
Like the U.S. Federal Reserve last week, which also kept rates, on hold, the majority on the panel wanted to see more evidence that inflation is under control.
