Base rate held..

Middle_of_the_Road
Middle_of_the_Road Posts: 585
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edited 1 February at 12:44PM in Savings & investments
Vote 6 to 3, with 2 votes to raise to 5.5%
Looks like it will be longer than expected for rate cuts to be implemented.

Bank rate maintained at 5.25% - February 2024 | Bank of England
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  • mebu60
    mebu60 Posts: 814
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    21 March the next meeting.
  • Hoenir
    Hoenir Posts: 1,255
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    Looks like it will be longer than expected for rate cuts to be implemented.


    When has the BOE said otherwise. Decisions will be data driven. Far too much media speculation which serves no purpose. Other than to provide clickbait headlines. 
  • mongoose2009
    mongoose2009 Posts: 241
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    why do you think they want a war with russia?

    theyre trapped by the money and debts they printed up in the past 20 yrs its still sloshing about the economy into unproductive assets

    add in the massive nett zero con and the mass immigration of unproductive low skill people

    and they have to keep inflation high to devalue the currency

    add in the incoming labour govt wish to spend even more and were doomed

    so the collapse  and default is the only way out now



  • london21
    london21 Posts: 2,089
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    My 2 years fix starts today.

    By 2026 rates will be more settled. 
  • Londonlisa12
    Londonlisa12 Posts: 147
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    edited 1 February at 2:54PM
    Their whole approach since Carney took over is to devalue the pound. Far to late in increasing and even now when they can’t decrease Bailey still talk sterling down.
    Everyone expected a 9-0-0 vote today but there are still 2 “hawks” but due to the BS speech and the false innuendos in it we get no increase in sterling.
  • boingy
    boingy Posts: 1,166
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    2 voted for a rise but somehow the Beeb manage a headline of "Bank of England moving closer to interest rate cut".
  • mebu60
    mebu60 Posts: 814
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    boingy said:
    2 voted for a rise but somehow the Beeb manage a headline of "Bank of England moving closer to interest rate cut".
    Yes, I thought that a perverse interpretation based solely on today's votes and the indicators that inflation is likely to rise again in the second half of this year. 
  • eskbanker
    eskbanker Posts: 29,932
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    boingy said:
    2 voted for a rise but somehow the Beeb manage a headline of "Bank of England moving closer to interest rate cut".
    'Closer' in terms of projected timescales, i.e. referring to the positive signals being relayed in this section of the article:

    The Bank is charged with keeping price growth at, or close to, a target of 2%.

    It said in its latest inflation report that the figure would fall back to that target between April and June this year - quicker than it had previously expected.

    "We have had good news on inflation over the past few months," Bank governor Andrew Bailey said.

    The Bank's latest release also dropped the phrase it has used previously about a "further tightening in monetary policy", which is being seen as a sign that no more rate rises are expected.

    But while the Bank is now suggesting that rates have peaked, Mr Bailey signalled that any cut in interest rates may still be some months away.

  • boingy
    boingy Posts: 1,166
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    eskbanker said:
    boingy said:
    2 voted for a rise but somehow the Beeb manage a headline of "Bank of England moving closer to interest rate cut".
    'Closer' in terms of projected timescales, i.e. referring to the positive signals being relayed in this section of the article:

    The Bank is charged with keeping price growth at, or close to, a target of 2%.

    It said in its latest inflation report that the figure would fall back to that target between April and June this year - quicker than it had previously expected.

    "We have had good news on inflation over the past few months," Bank governor Andrew Bailey said.

    The Bank's latest release also dropped the phrase it has used previously about a "further tightening in monetary policy", which is being seen as a sign that no more rate rises are expected.

    But while the Bank is now suggesting that rates have peaked, Mr Bailey signalled that any cut in interest rates may still be some months away.

    You forgot to include the bit where inflation is expected to rise a little in the second half of the year. ;p
  • eskbanker
    eskbanker Posts: 29,932
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    boingy said:
    eskbanker said:
    boingy said:
    2 voted for a rise but somehow the Beeb manage a headline of "Bank of England moving closer to interest rate cut".
    'Closer' in terms of projected timescales, i.e. referring to the positive signals being relayed in this section of the article:

    The Bank is charged with keeping price growth at, or close to, a target of 2%.

    It said in its latest inflation report that the figure would fall back to that target between April and June this year - quicker than it had previously expected.

    "We have had good news on inflation over the past few months," Bank governor Andrew Bailey said.

    The Bank's latest release also dropped the phrase it has used previously about a "further tightening in monetary policy", which is being seen as a sign that no more rate rises are expected.

    But while the Bank is now suggesting that rates have peaked, Mr Bailey signalled that any cut in interest rates may still be some months away.

    You forgot to include the bit where inflation is expected to rise a little in the second half of the year. ;p
    Well yes, I wasn't planning to copy/paste the entire article, and was just highlighting the fact that there was at least some correlation between the headline and the content - you also failed to include the fact that "For the first time since the 2020 Covid pandemic, one Bank policymaker voted for an immediate cut"!
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