At its meeting ending on 5 November 2025, the Monetary Policy Committee voted by a majority of 5–4 to maintain Bank Rate at 4%. Four members voted to reduce Bank Rate by 0.25 percentage points, to 3.75%. CPI inflation is judged to have peaked. Progress on underlying disinflation continues, supported by the still restrictive stance of monetary policy. This is reflected in an easing of pay growth and services price inflation. Underlying disinflation is being underpinned by subdued economic growth and building slack in the labour market. Monetary policy is being set to balance the risks around meeting the 2% inflation ... (full story)

The Bank of England has kept its main interest rate unchanged at 4% as inflation in the U.K. remains markedly above target and policymakers await this month’s budget from the U.K. government, which could be one of the most consequential in years. Thursday’s decision by the nine-member rate-setting body was widely anticipated, though some economists thought there was a chance that borrowing rates would be reduced by a further quarter of a percentage point. The vote was tight though, with five voting for unchanged rates and four backing a cut. “We still think rates are on a gradual path downwards, but we need to be ... (full story)