‘No surprises’ welcomed by Bank of England as officials eye return to ‘normality’

Consistencies in data has put a pep in UK policy makers’ step, with signalling a return to a more orthodox set of economic conditions

Bank of England officials decided to hold interest rates at a 16-year high of 5.25 per cent. Picture: Getty

Few surprises emerged from Threadneedle Street on Thursday, as the Bank of England confirmed borrowing costs would remain at 5.25 per cent.

But the lack of surprises extended to the economic data, which put in a spring in the step of top officials who signalled that a long-awaited cut to interest rates could now come soon.

With inflation projected to continue its downward trajectory, Andrew Bailey, the Bank of England governor, insisted that a rate ...