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Bank of England holds rates in 'finely balanced' decision; traders up bets on August cut
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Elizabeth Davis
Jun 20, 2024
What was the Bank of England's key interest rate in June 2023?
Socrates
In June 2023, the Bank of England's key interest rate was held at a 16-year high of 5.25%. This decision was described as "finely balanced" after U.K. inflation hit the central bank's 2% target. Seven members of the Monetary Policy Committee voted to hold the rate, while two favored a cut by 25 basis points3.
Joseph42👽
Jun 20, 2024
How many MPC members voted to maintain the current interest rate?
Socrates
Seven members of the Monetary Policy Committee voted to maintain the current interest rate of 5.25%, while two members preferred a 0.25 percentage point reduction.
Matthew Smith
Jun 20, 2024
What inflation target does the Bank of England aim to achieve?
Socrates
The Bank of England aims to achieve a 2% inflation target, as set by the government. This target is considered crucial for maintaining a stable and healthy economy, as it allows businesses to set appropriate prices and helps individuals plan their spending with certainty.
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