The Bank of England held interest rates at 4.75 per cent today, while downgrading economic forecasts for the UK towards stagnant growth.
Only six members of the Bank’s Monetary Policy Committee voted to keep interest rates steady, less than had been expected, as three voted to cut rates by 0.25 per cent citing fears over a weaker economy.
The Bank slashed UK growth forecasts for the last quarter of 2024 to zero, down from its estimate last month of a 0.3 per cent rise. GDP fell by 0.1 per cent in both September and October.
“The prospective increase in labour costs from higher National Insurance contributions from next April, announced in the Budget, is currently weighing heavily on sentiment,” the Bank said.
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Produced by: Elliot Gulliver-Needham, Scarlett Wild, Larissa Howie
