The Bank of England keeps rates unchanged at 4.75% following its December meeting by a vote of 6-3 with the minority opting for a 25 bps cut. The members voting for a pause pointed out that "CPI inflation, wage growth and some indicators of inflation expectations had risen, adding to the risk of inflation persistence" despite some signs of weaker growth. 5 of the 6 voting for the cut argued that the BoE should take "a gradual approach to the withdrawal of policy restrictiveness" but did not commit to any moves in the future.