UK repo rate frozen at 4.75%..."I can't promise the next cut".

The Bank of England, the Bank of England, and the BoE held a monetary policy committee today (19th) to freeze the benchmark interest rate at 4.75% per annum.

The BOE has cut interest rates by a quarter of a percentage point twice this year, in August and last month, and the current 4.75% rate is the lowest since June last year.

BOE Governor Andrew Bailey said in a statement that the 2% inflation target should be met and that he thought a gradual approach to future rate cuts was right but that economic uncertainty prevented him from promising when and how much he would cut rates in the new year.

Earlier last month, Bailey said he would take a cautious approach to cutting interest rates to keep inflation close to its target.

In addition, there were many observations that the rate of increase in the consumer price index announced yesterday exceeded the BOE's target of 2%.

The BoE said the monetary policy committee discussed inflation risks from geopolitical tensions and trade policy uncertainties, noting that the next U.S. administration had proposed higher tariffs in a way that could affect global trade, which could also affect the U.K. economy.