The Bank of England has kept the UK base rate on hold at 5% for the fourth month in a row.
Continuing inflation worries are probably at the root of the decision to keep rates steady despite the uncertain economic backdrop and troubles in the housing market. The Bank’s next Inflation Report will be published next Wednesday, 13 August, with the minutes of the latest Monetary Policy Committee meeting out on 20 August. At the July meeting of the MPC, seven of the nine committee members voted to keep the rate at 5%, with one arguing for a 25 basis point rise and one for a 25bp cut. This month’s decision was widely expected. Richard Lambert, director-general of the CBI, said: “The ...
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