The Bank of England decided to maintain its interest rate at 4.25% following a split vote. This indicates internal divisions among policymakers and reflects the ongoing challenges posed by economic conditions such as rising energy prices and sluggish growth.
Governor Bailey noted inflation is predicted to revert to the target of 2%. However, he cautioned that more evidence is required before imposing any rate cuts. Current geopolitical strains, particularly regarding oil prices, add complexity to future decisions.
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