BoE Holds Rates as Global Hikes Continue

The Bank of England's Monetary Policy Committee (MPC) voted to maintain interest rates at 3.75% for the sixth consecutive meeting on September 17, bucking the trend of global interest rate hikes.

Six MPC members chose to hold rates steady, while three others, Megan Greene, Catherine Mann, and Huw Pill, advocated for a 25bps increase to 4%. The committee cited 'little evidence' in support of further rate increases, despite inflation and energy price risks being described as 'on the upside'.

The MPC also tweaked its quantitative tightening (QT) programme and outlined plans for the wind-down of the Active Portfolio Fund (APF).