Eight of the nine members on the Bank’s Monetary Policy Committee voted to keep the UK base rate unchanged.
The Bank of England has left interest rates unchanged at 5%, but said it could reduce borrowing costs “gradually over time” if inflation stays low.
Andrew Bailey, governor of the Bank of England, said on Thursday: “Inflationary pressures have continued to ease since we cut interest rates in August.“If that continues, we should be able to reduce rates gradually over time. CPI is expected to tick up further over the rest of the year as the impact of falling energy bills softens.
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