The Bank of England has left UK interest rates unchanged at 5.25% today.
This was the fourth consecutive meeting of the Bank’s Monetary Policy Committee (MPC) - when rate setters have opted for no change. MPC members voted six to three to hold rates at the level they have been at since August last year.
The decision was widely expected in the City with most commentators now expecting the first cut to come at the May or June meetings of the MPC though some believe it could come as late as the Autumn.
Yesterday, Jay Powell, chairman of the US Federal Reserve, cooled speculation of a cut in rates as soon as March. He said the central bank still needed “greater confidence” that inflation was “sustainably” lower.
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