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SocGen Sees Bank of England on Hold in November; Expects to Resume Easing in February 2026

BY MT Newswires | ECONOMIC | 10/28/25 12:28 PM EDT

12:28 PM EDT, 10/28/2025 (MT Newswires) -- Despite undershoots in most key economic indicators since the September policy meeting, Societe Generale said it expects the Bank of England's Monetary Policy Committee (MPC) to keep Bank Rate unchanged at 4.0% in November, breaking its quarterly pace of cuts for the first time in this easing cycle.

Inflation remains "uncomfortably high," while labor market data suggest the downturn has stabilized, reducing the urgency for further rate cuts, wrote the bank in a note to clients.

The vote split, updated forecasts, and guidance will be crucial in assessing whether a cut in December is on the cards.

SocGen's baseline expectation is that the MPC resumes cutting in February, by which time the MPC should have a clearer view of 2026 annual wage growth.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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