The Bank of England kept interest rates at 4 per cent on Thursday and slowed the pace of reductions to its balance sheet, as it confronts both stubborn inflation and lacklustre growth.
The seven-to-two decision to hold rates steady was in line with market expectations, as was the bank’s decision to dial back its quantitative tightening bond-selling programme from £100bn to £70bn to curb rising bond yields.
The bank’s Monetary Policy Committee also signalled it would not hurry to cut interest rates again, signalling concern about continuing inflationary pressures.
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