Breaking: Bank of England Holds Interest Rates at 5.25%

Bank of England Governor Andrew Bailey has expressed a cautious approach to cutting interest rates, stating that more evidence of slowing price rises is needed before any decision is made. The announcement comes as the Bank held interest rates steady at 5.25%.

Bailey remarked that while he remains optimistic about the trajectory of the economy, the Bank is closely monitoring inflation rates. He indicated that the Bank anticipates inflation to decline significantly and approach the targeted 2% mark in the coming months.

This stance sets the stage for a potential interest rate cut in the upcoming summer months, with June being highlighted as a possible timeframe if inflation continues to decrease as projected.