The Bank of England's MPC voted 5-4 to keep Bank Rate at 4% at its November 5 meeting, in line with expectations. Four members favored a 25 bps cut to 3.75%, reflecting growing support for easing.
Policymakers noted that CPI inflation has peaked and underlying disinflation is developing, aided by still-restrictive policy, lower wage growth, and easing services inflation. A sluggish economy and increasing labor market slack are also strengthening disinflation. The MPC said the risks to achieving the 2% target are now more balanced: inflation persistence has become less of a concern, while downside risks from weak demand have increased.
However, members emphasized the need for more evidence on both sides. Since previous rate cuts have eased policy constraints, future cuts will depend on incoming data. If disinflation continues as expected, Bank Rate is likely to fall gradually. (alg)
Source: Trading Economics
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