Bank of England shows inclination toward rate-cuts

The BoE’s rate-setters voted 8-1 to keep borrowing costs at their 16-year high of 5.25%

Governor Andrew Bailey said that Britain’s economy is “moving in the right direction” for the Bank of England to start cutting interest rates as two of his colleagues dropped their vote for a rate hike.

On Thursday, the BoE’s rate-setters voted 8-1 to keep borrowing costs at their 16-year high of 5.25%, as the two officials who had previously called for higher rates changed their stance.

Most economists polled by Reuters had expected one member of the Monetary Policy Committee to continue voting for an increase in Bank Rate.

Source: Reuters

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