Bank of England Holds Interest Rate at 5% in 8-1 Vote for September 2024

Sep 19, 2024, 11:02 AM

The Bank of England has decided to maintain the Bank Rate at 5% following an 8-1 vote by the Monetary Policy Committee in September 2024. This decision aligns with expectations and comes after a previous rate cut from 5.25% in August. The Bank also plans to reduce its stock of British government bonds by £100 billion over the next 12 months. Governor Andrew Bailey indicated that future rate cuts would be implemented gradually over time. This cautious approach contrasts with the recent significant rate cut by the US Federal Reserve.