Interest rates live updates as the Bank of England decides

MoneyWeek’s interest rates live blog covers the UK’s Bank of England policy meeting, with experts predicting rates to remain steady at 4.75% due to rising inflation. The UK risks falling behind other major economies if rates are not adjusted. The Bank may be hesitant to cut rates further due to economic uncertainty and previous cuts this year. The Trades Union Congress has called for a rate cut to stimulate the fragile economy. The Bank of England decided not to cut interest rates, maintaining the rate at 4.75%. The decision was based on a 6-3 voting split, with three members in favor of a rate cut. Chancellor Rachel Reeves supported the Bank’s decision, emphasizing the importance of stable inflation for improving living standards. The Bank reiterated a gradual approach to monetary policy, aiming to address risks to inflation in the medium term. Experts suggest a potential rate cut in February 2025 based on the voting split and language in the meeting minutes. The Bank of England is expected to take a cautious approach to future interest rate cuts due to rising inflation and stagflation risks. The outlook for mortgage rates is uncertain, with the possibility of gradual rate cuts in the future. Markets have reacted negatively to the base rate decision, and experts predict a potential rate cut in February. However, uncertainty remains, with the Bank of England proceeding cautiously amidst inflationary risks. This could benefit those seeking annuities for a steady income in retirement. the text you have read.

Full Article