Bank of England holds base rate at 4% for second month

The Bank of England’s Monetary Policy Committee has today voted to once again keep the base rate on hold at 4%, a move that had been widely anticipated as inflation remains stubbornly high and global uncertainty continues to limit its room for manoeuvre.

When the base rate was cut from 4.25% to 4% in September, it was the third reduction this year. Just a few months earlier, the money markets had been predicting up to four further cuts, but the outlook has changed considerably since then.