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: 2025.11.06
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Bailey speech: Likely to continue to be on a gradual downward path for rates
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Bailey speech: Likely to continue to be on a gradual downward path for rates
New
2025.11.06 21:41
2025.11.06 21:41
2025.11.06 21:41
Bank of England Governor Andrew Bailey speaks on the policy outlook and responds to questions from the press after leaving the policy rate unchanged at 4% at the November meeting.
Key quotes
"We need to see downward path of inflation become more established before we cut rates again."
"We are likely to continue to be on a gradual downward path for rates."
"Provided there is no repeat of past rises in administered prices, this should shave another half percentage point off services price inflation in H2 2026."
"We expect pass-through of non-wage labour costs including NICS rise to limit decline in services price inflation in next few months."
"We have to remain careful that higher food and energy prices do not lead to 2nd-round effects on wage- and price-setting."
"It is encouraging that inflation peak in sept was 0.2 percentage points below our August forecast."
BoE FAQs
The Bank of England (BoE) decides monetary policy for the United Kingdom. Its primary goal is to achieve 'price stability', or a steady inflation rate of 2%. Its tool for achieving this is via the adjustment of base lending rates. The BoE sets the rate at which it lends to commercial banks and banks lend to each other, determining the level of interest rates in the economy overall. This also impacts the value of the Pound Sterling (GBP).
When inflation is above the Bank of England's target it responds by raising interest rates, making it more expensive for people and businesses to access credit. This is positive for the Pound Sterling because higher interest rates make the UK a more attractive place for global investors to park their money. When inflation falls below target, it is a sign economic growth is slowing, and the BoE will consider lowering interest rates to cheapen credit in the hope businesses will borrow to invest in growth-generating projects - a negative for the Pound Sterling.
In extreme situations, the Bank of England can enact a policy called Quantitative Easing (QE). QE is the process by which the BoE substantially increases the flow of credit in a stuck financial system. QE is a last resort policy when lowering interest rates will not achieve the necessary result. The process of QE involves the BoE printing money to buy assets - usually government or AAA-rated corporate bonds - from banks and other financial institutions. QE usually results in a weaker Pound Sterling.
Quantitative tightening (QT) is the reverse of QE, enacted when the economy is strengthening and inflation starts rising. Whilst in QE the Bank of England (BoE) purchases government and corporate bonds from financial institutions to encourage them to lend; in QT, the BoE stops buying more bonds, and stops reinvesting the principal maturing on the bonds it already holds. It is usually positive for the Pound Sterling.
Last updated
: 2025.11.06
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