Rate decision backed by 7-2 majority (Il Sole 24 Ore Radiocor) - London , 20 Jun - The Bank of England said its Monetary Policy Committee (MPC) voted by a majority of 7-2 at its meeting ending on June 19 to maintain Bank Rate at 5.25%, while two members preferred to reduce the rate by 0.25 percentage points, to 5%.

While headline CPI inflation has fallen back to the 2% target, the central bank said that "monetary policy will need to remain restrictive for sufficiently long to return inflation to the 2% target sustainably in the medium term in line with the MPC's remit." It added that the timing of the July 4 election was not relevant to its rate decision, "which would as usual be made on the basis of what was judged necessary to achieve the 2% target sustainably in the medium term.".

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(RADIOCOR) 20-06-24 13:10:32 (0336) 5 NNNN