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# Interest rate drops to 4.75%
- URL: https://wisener.net/interest-rate-drops-to-475/
- Published: 2024-11-07T00:00:00.000Z
- Updated: 2026-10-12T18:27:53.000Z
- Description: The Bank of England Monetary Policy Committee voted to reduce interest rates again today, but that may be the last this year.
- Author: Lee Wisener
- Tags: Interest, #Import 2026-10-12 18:55

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.