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June 19, 2025BANK OF ENGLAND MONETARY POLICY The Monetary Policy Committee (MPC) of the Bank of England voted to maintain the Bank Rate at 4.25%.
UK GDP has grown 0.7% in Q1 2025, stronger than expected in the May projection. Exports had been expedited to the US ahead of tariffs taking effect in the first quarter. There has been tentative evidence that over recent months, goods from China destined for the United States were being shipped to other countries, including Asia and Europe.
Twelve-month CPI increased to 3.4% in May, in line with expectations in May Monetary Policy report. The rise was due to a range of regulated prices and previous increases in energy prices. The ratio of job vacancies to unemployment has continued to fall bellow Bank staff’s estimates and pay growth has eased further in recent months.
The Committee would continue to monitor closely the risks of inflation persistence and what the evidence might reveal about the balance between aggregate supply and demand in the economy. Monetary policy would need to continue to remain restrictive for sufficiently long until the risks to inflation returning sustainably to the 2% target in the medium term had dissipated further. The Committee would decide the appropriate degree of monetary policy restrictiveness at each meeting.
The next scheduled monetary policy meeting will be on August 7, 2025.
Source: Bank of England, Monetary Policy Summary, May 2025
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