The Bank of England maintains interest rates unchanged, hinting at a possible imminent rate cut.

The Bank of England announced on Thursday that it will maintain the interest rate unchanged, with a decision passed by a split vote of 5 to 4. The attitude of the Bank of England Governor Bailey suggests that he may soon join the camp supporting a rate cut, opening the door for action after the government announces its budget later this month. The Bank of England stated that, considering that the overall inflation rate in the UK is still high, the nine-member Monetary Policy Committee decided to keep the benchmark interest rate at 4.0%. Economists expect that the Monetary Policy Committee will decide to keep the bank rate unchanged with a vote of 6:3. While Bailey is one of the members who decided to keep the rate unchanged, he is the only one out of the five members who believes that the overall inflation risk has decreased. However, he emphasized the need to wait for more economic data to confirm this trend.