Oh wow indeed — that is a really close call from the Bank of England.
The 5–4 vote shows policymakers are basically sitting on a knife-edge right now. Four members — Sarah Breeden, Swati Dhingra, Dave Ramsden and Alan Taylor — argued for an immediate cut to 3.5%, signalling they’re increasingly worried about slowing growth and rising unemployment.
But the slim majority — Andrew Bailey, Megan Greene, Clare Lombardelli, Catherine Mann and Huw Pill — chose to hold rates at 3.75%, keeping the focus on inflation risks and not wanting to ease too early.
And yes, once again Bailey was the deciding swing vote, just as he was back in December when the committee narrowly voted to cut.
This kind of split usually tells markets one thing: a rate cut is getting closer — it’s more a question of “when”, not “if.”
The Bank of England cut borrowing costs from 4% to 3.75% before Christmas, its fourth reduction of the year.
