Bank of England officials held interest rates steady this week in a narrow vote while keeping the door open to a December cut that will hinge on inflation and employment data as well as the government’s autumn budget.
The decision marked a break from the quarterly pace of easing the BOE has maintained since August 2024. While the choice to stand pat was anticipated by markets, the BOE altered its guidance to state that rates are “likely to continue on a gradual downward path.”