The Bank of England took a step towards lowering interest rates as another official backed a cut and Governor Andrew Bailey expressed optimism for the future direction. The Monetary Policy Committee voted 7-2 to maintain rates at a 16-year high of 5.25%, with Deputy Governor Dave Ramsden joining Swati Dhingra in favoring a cut to 5%. Economists had expected an 8-1 split to hold rates steady. The Committee hinted at a potential rate cut at its next meeting in June, with a cautious eye on upcoming economic data. The decision reflects the delicate balance between supporting economic growth and managing inflation pressures.
Bank of England Hinting at Rate Cut in June, Inflation Forecast Revised – London, UK
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