Analyst: The Bank of England maintains its gradual and cautious approach.

Analysts from IGM stated that the Bank of England kept the bank rate at 4.5% as expected, with an 8 to 1 vote that was somewhat more hawkish than anticipated. There were doubts about whether Mann would support a rate cut again (so it is not surprising that she did not vote for a cut this time), but it is believed that Taylor will vote alongside Dhingra to support a 25 basis point rate cut. The key phrase remains, "It is appropriate to further exit restrictive monetary policy gradually and cautiously." Monetary policy needs to remain restrictive for a sufficiently long time until the risks that hinder a sustainable return of inflation to the 2% target in the medium term further dissipate. Although the term "uncertainty" is increasingly mentioned, it is expected that the Bank of England will proceed with the next rate cut in May. Overall, this voting outcome seems to merely affirm the "gradual and cautious approach."