Bank of England Governor Andrew Bailey states interest rate cuts are 'off the table'

Bank of England Governor Andrew Bailey has indicated that interest rate cuts are not currently being considered, delivering a blow to expectations within the property market. This stance comes as inflation remains stubbornly above the Bank's 2% target, despite a slight decrease to 2.8%. The Monetary Policy Committee (MPC) previously voted 7-2 to hold interest rates at 3.75% for the fourth consecutive time last month.