“Keeping interest rates unchanged is a big blow to those people wrestling with high mortgage bills and firms struggling with April’s host of major bill rises and tax hikes.
“Though this policy loosening cycle is not yet over, this latest decision is further confirmation that the speed of interest rate cuts remains especially cautious, with policymakers wary over elevated inflation and intensifying international instability.
“While just three Monetary Policy Committee members voted to cut rates, an August policy loosening remains probable with the meeting minutes indicating continued concerns over the UK’s vulnerability to growing economic and geopolitical headwinds.
“With policymakers facing a difficult combination of deepening global turbulence, uncomfortably high inflation and rising oil prices, future interest rate decisions will be more fraught, particularly if the economy weakens further.”
ENDS
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