UK Interest Rates Remain Unchanged at 5.25%
Nov 02, 2023 17:35
The Bank of England holds interest rates steady at 5.25%, the highest in 15 years, as inflation is expected to decline in the coming months.
London, Nov 2 (AP) The Bank of England has kept its main interest rate unchanged at the 15-year high of 5.25 per cent, as inflation across the UK is expected to fall further over the coming months.
In a statement on Thursday, the bank's nine-member Monetary Policy Committee indicated that inflation, as measured by the consumer price index, is set to fall toward a 2 per cent target rate over the coming year. In the year to September, inflation stood at 6.7 per cent.
Most economists expect a sizable decline over coming months as domestic energy bills fall.
The bank in September ended a nearly two-year run of interest rate rises.
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