BOE Keeps Rates Unchanged, Pushing Back on Talk of Cuts
- Monetary policy panel votes 6-3 to keep rates at 15-year high
- ‘Much too early to be thinking about rate cuts,’ Bailey says
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The Bank of England left its benchmark lending rate at a 15-year high, with Governor Andrew Bailey saying it was “much too early” to be thinking about cuts.
The central bank’s Monetary Policy Committee voted 6-3 to maintain the key rate at 5.25%. Dissenters pushed for another quarter-point increase to choke off what they saw as persistent upward pressures on prices, according to minutes of the decision released Thursday.