Bank of England holds rates as services inflation lingers

“We need to be sure that inflation will stay low,” governor Andrew Bailey says

Bank of England
The Bank of England

The Bank of England (BoE) held its key policy rate flat at 5.25% in its monetary policy decision today (June 20), even though headline inflation dropped to its target of 2% in May.

In a 7–2 vote, the monetary policy committee decided to maintain a restrictive stance to make sure the “risk of inflation becoming embedded above the 2% target dissipates”. Swati Dhingra and Dave Ramsden, the two dissenting MPC members, favoured a 25 basis point rate cut.

Governor Andrew Bailey said it is “good news

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