Governor Andrew Bailey warned that it is “much too early” to think about cutting rates as the Monetary Policy Committee (MPC) voted by a six-three majority to keep the base rate at 5.25%. Three members preferred to hike rates to 5.5%.
“We’ve held rates unchanged this month, but we’ll be watching closely to see if further rate increases are needed,” Mr Bailey said.
In new economic projections produced by the MPC, the UK economy is expected to flatline next year with 0% growth over 2024, down from a 0.5% increase predicted in the August report.
The outlook for this year remains the same, with gross domestic product (GDP) expected to grow 0.5%.
This story is from the November 03, 2023 edition of The Herald.
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This story is from the November 03, 2023 edition of The Herald.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
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