There was no change to the interest rate but a notable change of tone as the Bank of England announced today that it would hold rates at their 15 year high of 5.25 per cent.
This expected move was the fourth consecutive time that the Bank’s Monetary Policy Committee have left things unchanged, after previously raising rates for 14 times in a row to tame the beast of inflation.
But today wasn’t just more of the same. It was the first time since the 2020 pandemic that one of the members of the MPC – economist Swati Dhingra – voted not to raise rates or leave them unchanged but, rather, to cut them.
