The Bank of England has today left the key rate unchanged at 5.25 per cent. The Bank of England said that its Monetary Policy Committee voted 7-2 to keep rates at a 16-year high of 5.25 per cent.

The MPC has now kept rates on hold at six meetings in a row, but it hinted that a first cut since March 2020, at the onset of the COVID-19 pandemic, could come as soon as its next meeting in June.

The Bank of England has added that it would be watching the next rounds of economic data closely.

The central bank has said that the Committee will consider forthcoming data releases and how these inform the assessment that the risks for inflation persistence are receding. It further added that based on these assessments, the Committee will keep under review for how long the Bank Rate should be maintained at its current level.