The monetary policy committee voted six to three in favour of keeping rates at the current level with two members wanting a further 0.25% rise to 5.5%. There was only one vote for a cut, although the general consensus from economists is that rates will start falling in the summer. This was the first three-way split since 2008, highlighted the differing views.

The Bank predicted that rates will fall to 3.25% by the end of the forecast period in early 2026, almost 1% lower than predicted in November.