The Bank of England has announced it is keeping the base rate of interest on hold at a 16-year-high of 5.25%.
The Bank of England has maintained interest rates at 5.25% at its May Monetary Policy Committee meeting, with governor Andrew Bailey signalling optimism that it may soon cut rates.The committee voted by a majority of seven to two to keep rates unchanged. Members Dave Ramsden and Swati Dhingra voted to cut rates by 0.25 percentage points.Mr Bailey said: "We've had encouraging news on inflation and we think it will fall close to our 2% target in the next couple of months.
"Read more: Boeing plane skids off runway and bursts into flames in Senegal, injuring 11 passengers as people scramble to break freeRead more: Putin warns of 'global' war during Russian Victory Day rant - but only one tank paraded as Ukraine conflict rages onThe MPC indicated it is still looking for more progress on factors including services inflation and wage growth, which have remained persistently high at about 6%, before cutting rates.
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