Bank of England Governor Andrew Bailey addresses the media during the central bank's Monetary Policy Report press conference at the Bank of England, in London, Britain, on February 1, 2024.
LONDON — Bank of England Governor Andrew Bailey on Thursday played down any political pressure received by his institution, confirming that a rate cut immediately before a General Election wouldn't be out of the question.
This is especially true in election cycles if citizens are dealing with an economic downturn or a cost-of-living squeeze.
The Bank of England, which became officially independent in 1998, is no stranger to this pressure with elections expected before the end of this year.
The Bank is nearing its first rate cut since 2020, despite holding steady on Thursday.
Persons:
Andrew Bailey, wouldn't, Bailey, CNBC's Steve Sedgwick, it's
Organizations:
England, Bank of England, LONDON — Bank of England
Locations:
London, Britain