For the first time in nearly two years, the Bank of England paused its regimen of rate hikes.
The central bank’s Monetary Policy Committee (MPC) voted 5-4 to maintain the Bank Rate at 5.25% – the dissenting members sought a 0.25 percentage point increase to 5.5%. The current level the highest since early 2008 and the MPC’s decision ended a streak of 14 consecutive rate increases.
However, more rate hikes could occur in the near future.
“Inflation has fallen a lot in recent months, and we think it will continue to do so,” Andrew Bailey, the governor of the central bank, said in a statement. “But there is no room for complacency.”
The Bank of England’s decision comes a day after its American counterpart, the Federal Reserve, paused its rate hike regimen.
Don’t stop. The min you do they buy up all the inventory and then prices jump again. Get on the builders to stop price gouging