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Bank of England governor holds key to 'likely' rate cuts ahead
The Bank of England's decision to hold interest rates was short on action but strong on signals that a rate cut this spring is now more likely than not.
While markets expected the nine-member monetary policy committee (MPC) to leave the base rate unchanged at 3.75%, the 5-4 vote in favour of the status quo was closer than anticipated, and the language about what happens next clear. Governor Andrew Bailey was unequivocal that further cuts are now "likely".
Money latest: What interest rate hold means for your money Since the rate-cutting cycle began in August 2024, the Bank's message has been that borrowing costs would come down "slowly and carefully.
Amir Nisi
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