The BoE justified the cut by citing “continued progress” on inflation, with all but one member of the Monetary Policy Committee – Catherine Mann – voting to reduce the Bank rate at the meeting on Wednesday (6 November).
As UK inflation dropped below the Bank’s 2% target in September, the MPC said there had been “continued progress” on disinflation thanks to the unwinding of external global shocks, although “remaining domestic inflationary pressures are resolving more slowly”.
On the day of the Autumn Budget last week (30 October), the Office for Budget Responsibility said that Chancel…
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