2 November 2023.
The Bank of England’s Monetary Policy Committee (MPC) voted 6-3 to maintain rates at 5.25%. Three members voted to increase the Bank Rate by 0.25% to 5.5%. Twelve-month CPI inflation fell to 6.7% in September, well above the 2% target, but is expected to continue to fall sharply to 4.75% in 2023 Q4, 4.25% in 2024 Q1, and 3.75% in 2024 Q2, and to the 2% target by the end of 2025.