The Bank Rate was cut to 6 percent at the Monetary Policy Committee (MPC) meeting held on August 6. In reaching its decision, the Committee noted the current state of the economy as well as the domestic and external economic outlook, including the inflation forecast, suggest that easing monetary policy is a step in the right direction, while remaining consistent with maintaining inflation within the Bank’s medium-term objective range of 3 – 6 percent.

Read the MPC decision statement