By William Schomberg, Andy Bruce and Suban Abdulla
LONDON, Sept 21 - The Bank of England halted its long run of interest rate increases on Thursday as the British economy slowed, but it said it was not taking a recent fall in inflation for granted.
Four members - Jon Cunliffe, Megan Greene, Jonathan Haskel and Catherine Mann - voted to raise rates to 5.5%."There are increasing signs of some impact of tighter monetary policy on the labour market and on momentum in the real economy more generally," the MPC said in a statement. "CPI inflation is expected to fall significantly further in the near term, reflecting lower annual energy inflation, despite the renewed upward pressure from oil prices," the BoE said.The BoE's decision to pause its rate hikes came a day after the U.S. Federal Reserve also opted to keep borrowing costs on hold. Last week, the European Central Bank raised rates but suggested it might be the last for now.
In a separate statement on Thursday, Bailey welcomed the recent fall in inflation and BoE forecasts that it would continue to ease. "But there's no room for complacency," he said. "We need to be sure inflation returns to normal and we will continue to take the decisions necessary to do just that."
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