Interest Rate Remains Unchanged in Latest Bank of England Vote

Governor Andrew Bailey said it was too early to start ’speculating about cutting interest rates.’

A general view of the Bank of England in London on Sept. 21, 2023. Aaron Chown/PA Wire

The interest rate has been left unchanged by the Bank of England (BoE) for the third time in a row, maintaining the 15-year high of 5.25 percent.

The central bank has increased the rate in 14 consecutive meetings until it reached a peak in the summer. On Thursday, the BoE’s Monetary Policy Committee (MPC) voted by a majority of 6–3 to maintain the rate at 5.25 percent.