Bank Of England Cuts Rate For Second Time This Year
(RTTNews) - The Bank of England reduced its benchmark rate for the second time this year citing continued progress in disinflation.
The Monetary Policy Committee decided to lower the rate by 25 basis points to 4.75 percent. The outcome of the two-day meeting matched expectations.
Previously, the bank had reduced the policy rate by a quarter-point in August, which was the first reduction since March 2020.
At the November meeting, eight members voted for a 25 bps cut, while Catherine Mann alone voted to maintain the rate at 5.00 percent.
The MPC said a gradual approach to removing policy restraint remains appropriate. "Monetary policy will need to continue to remain restrictive for sufficiently long until the risks to inflation returning sustainably to the 2% target in the medium term have dissipated further," the bank said in a statement.
The committee continues to monitor closely the risks of inflation persistence and will decide the appropriate degree of monetary policy restrictiveness at each meeting, the BoE said.
UK Budget Deficit Exceeds Expectations In October
UK Inflation Accelerates More Than Forecast
UK Economy Logs Meager Growth In Q3
UK Jobless Rate Rises; Wage Growth Slows
Bank Of England Cuts Rate By 25 Bps; Future Easing To Be Gradual
UK House Prices Rise For Fourth Straight Month
UK Construction Sector Growth Weakens In October
