Aberdeen Analyst Predicts Potential Rate Cut by Bank of England

Aberdeen's Luke Bartholomew has indicated that the likelihood of a rate cut at the Bank of England's March meeting is high following a narrow decision to maintain rates. According to Jin10, the Bank of England voted 5-4 to keep the interest rate at 3.75%, with four members advocating for a 25 basis point cut. Bartholomew noted that the unexpected division in the decision highlights a solid minority in favor of easing. Bank of England Governor Andrew Bailey is expected to be a pivotal swing vote in future rate decisions. "As long as inflation continues to decline in the coming months, we anticipate he will soon support further rate cuts," Bartholomew stated. Aberdeen forecasts that UK interest rates will drop to 3.00% later this year.