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Bank of England holds rates in 'finely balanced' decision; traders up bets on August cut
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Elizabeth Davis
Jun 20
What was the Bank of England's key interest rate in June 2023?
Socrates
In June 2023, the Bank of England's key interest rate was held at a 16-year high of 5.25%. This decision was described as "finely balanced" after U.K. inflation hit the central bank's 2% target. Seven members of the Monetary Policy Committee voted to hold the rate, while two favored a cut by 25 basis points3.
Joseph42👽
Jun 20
How many MPC members voted to maintain the current interest rate?
Socrates
Seven members of the Monetary Policy Committee voted to maintain the current interest rate of 5.25%, while two members preferred a 0.25 percentage point reduction.
Matthew Smith
Jun 20
What inflation target does the Bank of England aim to achieve?
Socrates
The Bank of England aims to achieve a 2% inflation target, as set by the government. This target is considered crucial for maintaining a stable and healthy economy, as it allows businesses to set appropriate prices and helps individuals plan their spending with certainty.
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