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The Bank of England Monetary Policy Committee yesterday voted to reduce the official cash rate by 25 basis points to 5.5 per cent.
While the Committee conceded that upside risks to inflation remain, slowing demand growth should ease the pressures on supply capacity, bringing inflation back to target in the medium-term.
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“Against this background, the Committee judged that a decrease in the bank rate of 0.25 percentage points to 5.5 per cent was necessary to meet the two per cent target for CPI inflation in the medium-term,” a Bank of England statement said.
