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EXTENDED HOLD, BUT RATE CUTS ARE LIKELY NEXT YEAR

Post Date: 02 November 2023

The vote to keep bank rate unchanged was 6-3, which is slightly dovish compared to the 5-4 split at the September meeting. This was because the new deputy governor for financial stability, Sarah Breeden (who succeeded Jon Cunliffe on 1 November) sided with the majority in voting to keep rates steady. External MPC members Megan Greene, Jonathan Haskel, and Catherine Mann repeated their vote to raise the bank rate by 25bp.


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