The Bank of England has announced that interest rates will remain the same but said it is likely they will reduce shortly.
Today (9 May) the Bank of England revealed that interest rates would be held at 5.25%. However it also suggested that cuts are likely in the future, perhaps as early as next month.
The Monetary Policy Committee voted seven to two in favour of keeping the rate the same. This is the sixth time in a row that the rate has remained at the 16-year high of 5.25%.
Bank of England governor Andrew Bailey said he was ‘optimistic’ that inflation would continue to decrease. He said: ‘We’ve had encouraging news on inflation and we think it will fall close to our 2% target in the next couple of months. We need to see more evidence that inflation will stay low before we can cut interest rates. I’m optimistic that things are moving in the right direction.’
Bailey said that a reduction to the cost of borrowing in June was ‘neither ruled out nor a fait accompli’.
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