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BoE Holds but Leans Towards a December Cut
The Bank of England went ahead with a third consecutive rate hold at 4.00%, meeting the expectations of nearly all economists and in line with the ~75–80% odds that markets were assigning to a hold. The vote split of 5–4 marks a dovish turn from the 7–2 breakdown of the December announcement and against expectations for a 6–3 split. Doves Dhingra and Taylor, both external members of the Monetary Policy Committee (MPC), were today joined by Breeden and Ramsden, both being BoE Dep Govs (Financial Stability, and Markets and Banking, respectively), in support of a reduction today. Despite the more dovish tilt to ... (full story)
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Our Monetary Policy Committee (MPC) decides what monetary policy action to take. The MPC sets and announces policy eight times a year (roughly once every six weeks). In this video, the MPC discusses the decisions taken in November 2025 and answers questions from the press.
<GBP=>:*BOE'S BAILEY: INFLATION OF 3.8% IN SEPTEMBER SEEN AS PEAK *BOE'S BAILEY: UNDERLYING PRICES PRESSURES CONTINUED TO EASE *BOE'S BAILEY: NEED TO SEE DOWNWARD PATH BECOMING ESTABLISHED *BOE'S BAILEY: POLICY DEPENDS ON HOW TWO FORCES PLAY OUT *BOE'S BAILEY: ACTIVITY IN… BOE'S BAILEY: CLEAR FROM AGENTS THAT LABOR MARKET SLOWING BOE'S BAILEY SAYS WE HAVE TO REMAIN CAREFUL THAT HIGHER FOOD AND ENERGY PRICES DO NOT LEAD TO 2ND-ROUND EFFECTS ON WAGE- AND PRICE-SETTING BOE'S BAILEY SAYS IT IS ENCOURAGING THAT INFLATION PEAK IN SEPT WAS 0.2 PERCENTAGE POINTS BELOW OUR AUGUST FORECAST BOE'S BAILEY: LATEST INFLATION ENCOURAGING, BUT JUST ONE POINT *BOE'S BAILEY: MOVING TO DEMAND-DRIVEN SYSTEM FOR LIQUIDITY *BOE'S BAILEY: NOT FOR US TO SPECULATE ON BUDGET CONTENTS *BOE'S BAILEY: NOT PASSING JUDGEMENT ON REEVES COMMENTS THIS WK *BOE'S BAILEY: MY OWN VIEW IS THAT WE NEED TO SEE MORE DATA *BOE'S BAILEY: MARKET CURVE AT…
BoE's Lombardelli: There is a lively debate on committee on neutral rate.
