Bank rate-setter urges 'extended hold' for interest rates
The Bank of England should maintain interest rates at their current level until there is more certainty regarding the economic outlook, a rate-setter at the central bank has said.
Alan Taylor, a member of the Bank's Monetary Policy Committee (MPC), called for an "extended hold" in the face of potential economic risks. The comments were made by Mr. Taylor during a speech he delivered on Tuesday at the Barclays-CEPR Monetary Policy Forum.
Taylor joined central bank in 2024
Mr. Taylor, who joined the Bank in 2024, stated that the institution should consider possible cuts if specific conditions are met regarding global events and commodity costs.
He added that the Bank should look at possible rate reductions if the conflict in the Middle East calms and energy prices sink.
MPC vote on interest rates
The MPC voted in favour of keeping interest rates at 3.75% last month, with a seven-to-two majority supporting this decision according to reports from The Evening Standard, Shropshire Star, Yahoo! News, and The Irish News.
Two members, Megan Greene and Huw Pill, preferred to hike interest rates to 4% during the vote mentioned above. These details were reported by Henry Saker-Clark of the Press Association in articles published on June 23, 2026.