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Today, the Bank of England maintained Bank Rate at 3.75%, therefore six straight meetings without a rate adjustment. The Monetary Policy Committee decided six-three; three members preferred a 25-basis-point increase to 4%. Though the Bank of England cautioned that energy-price pressures may drive inflation above 4% by early 2027, UK CPI inflation increased to 3.1% in August.
The MPC also unanimously accepted a multi-year plan to cut its government-bond holdings to zero, combining yearly gilt sales of £20 billion with bond maturities; the implied average decrease is around £46 billion per year through 2034. Though the rate hold was hawkish, Governor Andrew Bailey said that if energy-driven inflation persists, politicians still stand ready to tighten policy. The pound at first strengthened but then fell as markets took the result as less aggressive than some projections.
