Official GDP growth rate reports published by the Office for National Statistics

Bank of England Holds Rate at 4.75% Amid 6-3 Split Vote

Dec 19, 2024, 12:04 PM

The Bank of England has held its main interest rate at 4.75%, as expected, despite an uptick in inflation in November. The Monetary Policy Committee (MPC) voted 6-3 to keep the rate unchanged, with three members, including the Deputy Governor, voting for a rate cut. Policymakers have become more divided over the need for rate cuts to address a slowing economy, as the Bank downgraded its growth forecast for this quarter to zero.