The Bank Rate was cut to 9 percent by the Monetary Policy Committee (MPC) at its meeting held on April 30, 2013. The Committee noted that inflation will remain outside the objective range of 3 – 6 percent in the short term. However, the outlook remains positive and, given recent indications of slower growth in the domestic economy together with current assumptions regarding expected developments, a more accommodative policy stance is consistent with achieving the inflation objective in the medium term.

• Read the MPC statement