The Bank of England kept Bank Rate at 3.75% after the July meeting, with the Monetary Policy Committee voting 6-3 to hold. Governor Andrew Bailey said the UK market curve aligns with the Bank’s assessment of current economic conditions, and he described the softer-than-expected CPI outcome as encouraging.
Probability of Central Scenario
In his press remarks, Bailey said the central scenario should be assigned a lower-than-usual probability.
Global Economic Uncertainties
He also said conditions in the Gulf remain as uncertain as they were a few months ago.