Review: BoE On Hold Ahead of the Budget

by Brunello Rosa and Nato Balavadze

In this paper, we discuss:

• The BoE’s decision to hold its Bank Rate at 4.00%;
• The Bank’s cautious approach ahead of the November Budget;
• The updated economic forecasts, which show inflation easing; and
• The market reaction, with gilts rallying and sterling steady near $1.31.

Download PDF: BoE Review November 2025