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Published: 23/12/2024
The Bank of England’s Monetary Policy Committee (MPC) voted by a majority of 6 – 3 to maintain Bank Rate at 4.75% at its December meeting.
Three members of the committee voted to reduce the base rate to 4.5%.
In setting out the context to the vote, the MPC said: ‘The Committee continues to consider a range of cases for how the past global shocks that drove up inflation may unwind, and therefore how persistent domestic inflationary pressures may be.
‘The MPC is also monitoring the impact on growth and inflationary pressures from the measures announced in the Autumn Budget, and from geopolitical tensions and trade policy uncertainty. These developments have generated additional uncertainties around the economic outlook.’
Reacting to the news, Karl Horton, Chief Data Officer at BCIS, said: ‘No surprises with the base rate being maintained at 4.75%, especially given the increase to employers National Insurance contributions announced in the Autumn Budget, which is likely to be inflationary when it kicks in next April.’
The MPC’s next vote will be published on Thursday 6 February 2025.
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