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BOE Holds Rates and Monitors ‘Deeply Concerning’ Mid-East Events

Takeaways by Bloomberg AI

The Bank of England held interest rates at 4.25% in a more divided vote than expected as policymakers weighed up the UK’s softening jobs market and weak growth against a backdrop of mounting geopolitical tensions.

In a decision that left rates on course for a potential quarter-point cut in August, six of the BOE’s nine Monetary Policy Committee members voted to leave rates unchanged while three — externals Swati Dhingra and Alan Taylor, as well as Deputy Governor Dave Ramsden — preferred an immediate quarter-point reduction. Economists had expected a 7-2 split.