UK Inflation Expected to Fall, Bank of England Keeps Interest Rates Unchanged

UK inflation is expected to fall in line with the rest of the world, driven by a drop in energy bills. The Bank of England has decided to keep interest rates unchanged, stating that monetary policy will need to remain tight for an extended period. The unemployment measure in Britain has been changed, raising concerns for policy makers. UK businesses are more pessimistic than ever, leading to hiring freezes and staff cuts. Bank of England Governor Andrew Bailey has stated that wage growth is still too high for the central bank's inflation target.