Bank of England holds interest rate at 4.75% as wage and services price pressures persist
The Monetary Policy Committee voted by a majority to leave the rate unchanged, citing persistent domestic wage growth and services inflation despite easing headline consumer price inflation.
A small, energetic locomotive labelled “SERVICES” pulls a heavy “UK ECONOMY” carriage gently uphill. Its boiler glows hot. A cautious Bank of England official watches the heat gauge while keeping the handbrake fixed at 4.75%. The sector powering growth is also sustaining the inflation pressures behind the Bank’s caution.
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