Bank of England remains divided on interest rates

Inflation in the UK remains steady at 2%, leading to a crucial decision for the Bank of England on whether to cut the base interest rate from the current 5.25%. While some members of the Monetary Policy Committee advocate for a rate cut to alleviate the cost of living crisis and support struggling households, concerns about potential inflation risks persist. Despite wage growth staying high and unemployment rising, there is a call for rate cuts to address the challenging economic conditions and boost confidence in the labor market. The decision on interest rates is critical as it impacts mortgage rates and overall economic stability in the UK.