Bank of England edges closer to rate cut, possibly in June, as it predicts below-target inflation

By PAN PYLAS
Associated Press

LONDON (AP) — The Bank of England is keeping its main U.K. interest rate at a 16-year high of 5.25% though it gave a broad hint that a reduction could be on the cards as soon as June as inflation is forecast to fall below target. In a statement Thursday, the bank’s nine-member Monetary Policy Committee voted 7-2 to keep rates unchanged, with the 2 dissenters backing a quarter-point reduction. Last time, only one member voted for a cut. Bank Gov. Andrew Bailey said a cut at the next meeting in June has “not been ruled out” but insisted that it was “not a fait accompli.”