November 7, 2024
Interest rate drops to 4.75%
The Bank of England Monetary Policy Committee voted to reduce interest rates again today, but that may be the last this year.
Another MPC Meeting and another reduction, from 5% to 4.75%—a welcome reduction. The committee cautioned that a gradual approach remains appropriate. They will remain restrictive for sufficiently long until the risks to inflation dissipate further.
So, I am still somewhat optimistic but analysts are revising their outlook.
| Name | Direction | Value |
|---|---|---|
| Andrew Bailey (Governor) | Down | 0.25% |
| Sarah Breeden | Down | 0.25% |
| Swati Dhingra | Down | 0.25% |
| Megan Greene | Down | 0.25% |
| Claire Lombardelli | Down | 0.25% |
| Catherine Mann | Hold | -- |
| Huw Pill | Down | 0.25% |
| Dave Ramsden | Down | 0.25% |
| Alan Taylor | Down | 0.25% |
Many suggest that we may not see a further reduction this year, and the rate may be 4.75% at the December meeting. Personally, I am moving towards the likelihood of a further reduction to 4.5% in December. That is providing no blips with inflation.
Lee Wisener
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