BOE's Ramsden: There has been strong demand for delivery slots for gold; we can meet that demand

post: BOE GOV. BAILEY: WE EXPECT TO BE ABLE TO CUT THE BANK RATE FURTHER post: BANK OF ENGLAND GOVERNOR BAILEY: WE EXPECT TO BE ABLE TO CUT BANK RATE FURTHER BUT WE WILL HAVE TO JUDGE MEETING BY MEETING HOW FAR AND HOW FAST ROAD AHEAD WILL HAVE BUMPS BEHIND UPTICK IN HEADLINE INFLATION STANDS A CONTINUED, GRADUAL EASING OF UNDERLYING INFLATIONARY… post: BoE Gov Bailey: Contact Of Weakening Economic Activity - Coming Rise In Inflation Almost Entirely Due To Factors Not Directly Linked To Pressures In The UK Economy - We Expect These Factors To Be Temporary post: BOE'S BAILEY: IT'S IMPORTANT TO A TAKE GRADUAL APPROACH TO EASING post: *BOE'S BAILEY: RISKS TO INFLATION ON BOTH SIDES *BOE'S BAILEY: SHOULD SEE 'GRADUAL' AND 'CAREFUL' TOGETHER *BAILEY: BOE MUST PROCEED CAREFULLY, JUDGE AFRESH EACH MEETING

The Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. The MPC adopts a medium-term and forward-looking approach to determine the monetary stance required to achieve the inflation target sustainably. At its meeting ending on 5 February 2025, the MPC voted by a majority of 7–2 to reduce Bank Rate by 0.25 percentage points, to 4.5%. Two members preferred to reduce Bank Rate by 0.5 percentage points, to 4.25%. There has been substantial progress on disinflation over the past two years, as previous external shocks have receded, and as the restrictive stance of monetary policy has curbed second-round effects and stabilised longer-term inflation expectations. That progress has allowed the MPC to withdraw gradually some degree of policy restraint, while maintaining Bank Rate in restrictive territory so as to continue to squeeze out persistent inflationary pressures. post: Bank Of England Cuts Rates By 25Bps To 4.500%; In Line With Consensus; MPC 7 Vote For 25Bps 2 Vote For 50Bps post: BANK OF ENGLAND POLICYMAKERS VOTE 7-2 TO CUT RATES BY 0.25 PERCENTAGE POINTS TO 4.5% (REUTERS POLL: 8-1 VOTE TO CUT TO 4.5%) BOE MPC EXTERNAL MEMBERS DHINGRA AND MANN VOTED TO CUT RATES BY 0.50 PERCENTAGE POINTS TO 4.25% BOE: UK CPI INFLATION TO PEAK AT 3.7% IN Q3 2025 (NOV:…Base rate cut to 4.5% – here's why and what it means for your mortgage and savings The base rate has been cut to 4.5% from 4.75% by the Bank of England. This rate is used by the central bank to charge other banks and lenders when they borrow money, so the move can impact mortgage and savings rates. It's also used by the Bank of England as a tool to control inflation (the rate at which prices rise). The Bank has a target of 2% for the Consumer Prices Index (CPI) measure of inflation, which is set by the Government. This is the third time the Bank has cut the rate since August 2024, when it fell from 5.25% to 5%. The last cut, from 5% to 4.75%, was in November 2024. The Monetary Policy Committee, which determines the rate, voted by a majority of seven to two to reduce the base rate by 0.25 percentage points to 4.5%. Two members voted in favour of cutting the rate further, to 4.25%. Explaining the reasons for its decision, the Bank said "there had been substantial progress on disinflation".

post: BoE’s Gov Bailey: Wouldn’t Over-Interpret Moves In Voting Patterns - We Think Path For Disinflation Remains In Place post: BOE GOV. BAILEY, WHEN ASKED IF THE BOE IS HAPPY TO CUT RATES AS INFLATION RISES: I EXPECT PATH FOR RATES WILL BE DOWNWARD, BUT THERE IS MORE UNCERTAINTY. post: BOE GOV. BAILEY: THE CUT TO GDP GROWTH FORECAST FOR 2025 IS NOT ABOUT THE BUDGET REALLY.

In the week ending February 1, the advance figure for seasonally adjusted initial claims was 219,000, an increase of 11,000 from the previous week's revised level. The previous ...