LONDON, Aug 1 (Reuters) - The Bank of England cut interest rates from a 16-year high on Thursday after a narrow vote in favour from policymakers divided over whether inflation pressures had eased sufficiently.
Governor Andrew Bailey - who led the 5-4 decision to lower rates by a quarter-point to 5% - said the BoE’s Monetary Policy Committee would move cautiously going forward.
“We need to make sure make sure inflation stays low, and be careful not to cut interest rates too quickly or by too much,” he said in a statement alongside the decision.
It’s like they are oblivious to the fact that “inflation” skyrocketed even though rates have been at record highs.
That happened the other way around
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