According to BlockBeats, the Bank of England kept interest rates at 4.75% as expected, but the vote was 6 to 3. Governor Bailey said that it is still right to take a "gradual approach" to future rate cuts, and he said he could not promise when or how much interest rates will be cut in 2025. It was a bit surprising that three people were in favor of a 25 basis point rate cut. They believed that low demand created the risk of a large output gap, and in the medium term, CPI was far below 2%. The pound fell against the US dollar GBP/USD and was last reported at 1.2604.