Posted: 2nd October 2024
Bank of England makes major decision on interest rates
The Bank of England decided to maintain the base interest rate at 5.25% in its most recent meeting, with an almost unanimous vote.
Members of the Bank’s Monetary Policy Committee, led by Governor Andrew Bailey (featured in the main picture), voted 8-1 in favor of keeping the current rate, despite this week’s decline in inflation figures.
Inflation has dropped to its lowest level in over two years, now at 3.4%, which has intensified the pressure on the Bank to consider reducing the base rate.
In light of the latest inflation data, Propertymark has urged the Bank of England to lower interest rates.
Bailey stated that it is “not yet” the appropriate time to cut interest rates, even with “further encouraging signs” indicating that inflation is decreasing.
The Bank must ensure that inflation will reach the Government’s target of 2% and “remain there,” he explained.
“We’re not at the stage where we can reduce interest rates, but progress is being made in the right direction,” Bailey added.
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