During the meeting held on May 8, the Bank of England announced a reduction in the interest rate to 4.25% from the previous level of 4.5%. As noted in the published statement of the regulator, the decision was in line with the expectations of experts. The vote on the rate cut was controversial: five members supported reducing the rate to 4.25%, while two insisted on a more significant reduction to 4%, and two more favored maintaining the previous level of 4.5%. This alignment of votes highlights the different views within the committee regarding further monetary policy. Over the past two years, significant progress has been made in curbing inflationary processes. This became possible due to the easing of external shocks and tightening of policy, which made it possible to avoid secondary consequences and stabilize long-term inflation expectations. The press release notes that, thanks to the successes achieved, the Committee was able to partially ease restrictive measures, while keeping the rate at a level that continues to help ease persistent inflationary pressures. This approach helps to maintain a balance between the need to contain inflation and maintain economic stability.
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