The Bank of England kept borrowing costs steady at 3.75 per cent in a knife-edge decision as it signalled that a further interest rate reduction could come as soon as March.
The Monetary Policy Committee voted five to four to keep the key rate unchanged after lowering it by a quarter point in December, as the tighter-than-expected vote and the BoE’s dovish language prompted traders to increase their bets on a rate cut at the central bank’s next meeting.
The probability of a quarter-point reduction in March rose to roughly 50-50, according to levels implied by swaps markets, from a slim chance before the decision was announced on Thursday.
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