NEWS Desk Global
BANK OF ENGLAND WILL HOLD BANK RATE THIS MONTH BUT CUT IN NOV
The Bank of England will keep its main interest rate at 5.00% next week but reduce it in November even though inflation is expected to stay above the central bank's 2% target. In August the BoE cut its Bank Rate to 5.00% from a 16-year high of 5.25% in a tight 5-4 vote. However, Governor Andrew Bailey said it would proceed cautiously to make sure inflation stayed low.
Although inflation was 2% in May and June, it rose slightly to 2.2% in July and is not predicted to dip back below target until at least 2026.
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