MPC Takes Cautious Stance with Base Rate as Inflation Remains Above Target

The recent decision by the Bank of England’s Monetary Policy Committee (MPC) to hold the standard base interest rate steady has garnered significant attention. In their meeting held on Thursday, 20 March, the committee voted 8 to 1 in favor of maintaining the rate. This decision marks the second meeting of the year, following the first in February, which saw a 0.25% cut, reducing the rate from 4.75% to 4.50%. That reduction brought the rate to its lowest level in 18 months.