12:00 PM BST, United Kingdom - BoE Interest Rate Decision for November:
- actual 4.75%; forecast 4.75%; previous 5.00%;
- BoE MPC vote cut : actual 8; forecast 8; previous 1;
- BoE MPC vote hike: actual 0; forecast 0; previous 0;
- BoE MPC vote unchanged: actual 1; forecast 1; previous 8;
The Monetary Policy Committee (MPC) aims to achieve a 2% inflation target while supporting growth and employment. On November 6, 2024, it voted 8-1 to cut the Bank Rate by 25 pb to 4.75%. While inflation has been easing, domestic pressures remain persistent. CPI inflation fell to 1.7% in September but is expected to rise to 2.5% by year-end due to energy price comparisons. Wage growth remains high, though GDP growth is slowing. The MPC's projections suggest CPI inflation will return to target over the medium term, with a gradual approach to easing policy remaining appropriate to ensure inflation risks subside.
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