What the Bank of England has done and what is expected

The Bank of England fixed the interest rate as expected at 4%, and the change came in the monetary policy committee's vote on the interest rate, where the expectations were 8-1-0, but the result was issued 7-2-0.

Both dengra and Taylor voted to cut interest by 25 basis points.

The summary of the monetary policy report issued by the Bank of England was as follows:

- The contraction in core inflation has generally continued, Although progress in easing wage pressures has been greater than in price deflation.

- Wage growth is still high but has declined, and is expected to slow down significantly during the rest of the year.

- The upside risks surrounding medium-term inflation pressures remain prominent.

- Negative domestic and geopolitical risks surrounding economic activity remain.

- A gradual and cautious approach to further easing monetary policy remains appropriate.

- The constraints of monetary policy decreased with the reduction of the bank interest rate.

- Monetary policy is not on a predetermined course.

- The timing and pace of future reductions in policy constraints will depend on how long the underlying inflationary pressures continue to recede.