“The bank’s decision to keep interest rates on hold is a bitter pill to swallow for those consumers hoping for some relief from high mortgage bills and businesses struggling with surging cost pressures.
“The near unanimous backing among policymakers to keep policy unchanged suggests that inflation worries are currently outweighing fears over the economy, leaving the chances of further rate cuts in the near term on a knife edge.
“Rate-setters will likely want to assess the impact of any measures announced in the Autumn Budget before loosening policy again, leaving December as the earliest point at which they may consider cutting rates.”
ENDS
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