The Bank of England has put an end to 14 consecutive interest Rate hikes after data revealed that inflation is lower than expected. The bank had been raising rates since December 2021 to combat inflation, taking the main policy rate from 0.1% to 5.25% in August. The Monetary Policy Committee voted 5-4 to maintain the rate at its September meeting. In addition, the bank unanimously decided to reduce its stock of UK government bond purchases by £100 billion ($122.6 billion) over the next year. The decision caused the British pound to drop 0.7% against the US dollar.

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