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Bank of England Holds Rates Steady | Business and Finance News
Description
The Bank of England’s Andrew Bailey has shut down any hopes of interest rate cuts this year, citing ongoing inflation pressures and the lingering economic fallout from the Gulf conflict. Despite a slight dip in oil prices, the central bank remains cautious, keeping rates at 3.75% through 2026. Rising mortgage costs and stubborn inflation at 2.8%—well above the 2% target—have forced the Monetary Policy Committee to hold steady, with a 7-2 vote in favor. While some members pushed for a hike due to household vulnerability, the consensus leans toward patience, watching closely as energy costs and economic signals evolve ahead of their next meeting on July 30th.
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