India, Feb. 1 -- The Bank of England left its benchmark rate unchanged for the fourth straight meeting on Thursday and suggested rate cuts this year.
The Monetary Policy Committee voted 6-3 to hold the bank rate at 5.25 percent. Two members preferred a 25 basis point increase to 5.50 percent, while one member sought a quarter point reduction.
Six members said that maintaining the current rate was warranted at this meeting. The risks to inflation were more balanced, they noted.
".monetary policy will need to remain restrictive for sufficiently long to return inflation to the 2% target sustainably in the medium term in line with the MPC's remit," the bank said.
Inflation is forecast to fall temporarily to the 2 percent target in the secon...