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Hello and welcome to coffeehouse shots.

I'm James Heel and I'm joined today by Kate Andrews and Katie Bulls.

Now Kate, I think the big economic news yesterday was about the Bank of England interest rates.

What happened there?

So this wasn't a surprising decision from the Monetary Policy Committee which decided to hold the bank rate at 5.25% for the third consecutive time.

But it wasn't a unanimous decision. So six members of the MPC voted to hold the rate, but three voted

to raise it by another null.25 percentage points, which would have taken it to 5.5%.

I think this is interesting because people have already started to talk about the possibility

of a rate reduction. You know, when are we going to lower interest rates? The economy is really

starting to feel the crunch. We got the October GDP figures and we we saw a small contraction of 9.3%, a lot of that

is about interest rates.

It's what they're designed to do.

They're designed to take heat out of the economy, to get people spending less, to reduce price hikes, and to slow the inflation rate and we've seen that's

working but it has other economic consequences. The banks note when it when it

released its statement was very clear that the market should not

get too excited about a rate cut anytime soon. The governor of the Bank of England

Andrew Bailey has made this very clear and and and that you know we're going to be here for some time and the minutes actually

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