The Bank of England has decided to keep interest rates steady even as the economy slows down. Most members of the monetary policy committee voted to hold the rate at 3.75%, though Professor Alan Taylor disagreed. He argued for a rate cut, pointing to a weakening economy and a lack of long-term inflation.

In its latest report, the Bank updated its forecast to show that both inflation and wage growth are dropping. It now expects to reach its 2% inflation target sooner than it first thought. Governor Andrew Bailey cast the tie-breaking vote to wait for now, but he suggested that a rate cut at the next meeting in March is almost a certainty.