MPC Meeting Next Week Likely to Result in Second Rate Cut This Year
Next week the Bank of England’s Monetary Policy Committee (MPC) will be meeting for the first time since their September meeting. It was in August that the standard base interest rate was cut for the first time since March 2020. The majority vote by the committee took the sixteen-year high base rate from 5.25% to 5.0%. The September meeting resulted in a vote to stay the rate, but the expectation was for at least one more rate cut by the end of the year, leaving that possibility for November or December since there was not a meeting scheduled for October.