Interest rates held at 5.25% but Bank of England ‘optimistic’ about cuts

The central bank has again voted to freeze rates.

The Bank of England has decided to keep UK interest rates unchanged, but gave a new sense of optimism that borrowing costs could soon be cut if inflation is reined in.

In a strong signal that the tide is turning among the rate-setters, two members of the Bank’s nine-person Monetary Policy Committee voted for interest rates to be cut by 0.25 percentage points, to 5%. Crucially, the MPC will be able to assess upcoming data releases, including April and May’s official inflation and jobs figures, before its next meeting in June.In its latest Monetary Policy Report, it said gross domestic product will increase 0.5% this year and 1% in 2025, both 0.25 percentage points higher than the last estimates published in February.

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