Bank of England says UK inflation has peaked after leaving rates at 4%; US job cuts jump as firms turn to AI – as it happened

<p>Economists predict UK rate cuts in December, after narrow vote to hold Bank Rate at 4% today </p><p><strong>The pound is trading near a seven-month low this morning, as the City awaits the Bank of England’s decision on interest rates.</strong></p><p>Sterling is up just 0.1% against the US dollar at $1.3064, having threatened to fall below $1.30 earlier this week for the first time since April.</p><p>Yet fresh dovish signals from the BoE today could validate further downside, keeping momentum stretched and positioning skewed.</p><p>“There’s obviously a list of possible tax measures, but raising taxes on banks is a long way down that list,” said one person briefed on her thinking.</p><p>Another person close to the process said: “She is not minded to do this.” A third person said: “Banks are already paying a lot of tax. We aren’t going to do it.”</p> <a href="https://www.theguardian.com/business/live/2025/nov/06/bank-of-england-interest-rates-andrew-bailey-stock-markets-pound-budget-business-live-news">Continue reading...</a>