Bank of England's Catherine Mann Signals Major Interest Rate Cuts When Inflation Eases

The Bank of England's external MPC member emphasizes a strategic approach to rate cuts amid ongoing inflation concerns.

Catherine Mann, a Bank of England policymaker, has stated her readiness to implement significant interest rate cuts once inflation pressures are sufficiently reduced.
Despite recent rate cuts by the MPC, Mann has maintained a cautious stance, citing potential ongoing risks to inflation.
The Bank of England has gradually lowered interest rates since August, currently at 4.75%, but Mann has yet to vote for a reduction.
Mann's approach prioritizes avoiding entrenched inflation, suggesting a larger rate cut once stability is confirmed.
Governor Andrew Bailey supports a gradual approach to rate adjustments to carefully evaluate economic impacts, including government tax plans.