• Prior 4.00%
  • Bank rate vote 5-4 vs 6-3 expected (Breeden, Ramsden, Dhingra, Taylor voted for 25 bps rate cut)
  • Prior 7-2
  • CPI inflation is judged to have peaked
  • Progress on underlying disinflation continues, supported by the still restrictive stance of monetary policy
  • The risk from greater inflation persistence has become less pronounced recently, and the risk to medium-term inflation from weaker demand more apparent
  • Overall, the risks are now more balanced; but more evidence is needed on both
  • The restrictiveness of monetary policy has fallen as Bank Rate has been reduced
  • The extent of further reductions will therefore depend on the evolution of the outlook for inflation
  • If progress on disinflation continues, Bank Rate is likely to continue on a gradual downward path
  • Statement details to follow..
Source: Investing Live