Financial services company Standard Life (Abrdn) said that prudence is the motto of the Bank of England's Monetary Policy Committee. If the Bank of England still believes that inflationary pressures are too high and there is a risk that prices will accelerate again, it will not rush into decisions that could be seen as hasty. One factor that may give it pause for thought at the moment is the recent increase in the national living wage. Rate setters will want to make sure they understand the impact before cutting rates further.