Bank of England policymakers split over whether to cut interest rates on Thursday with more officials than expected seeking to help the slowing economy with lower borrowing costs despite lingering inflation pressure.

The U.K.'s central bank is set to keep interest rates on hold later Thursday as inflation has moved further above its target rate, even though the British economy is flatlining at best. The Bank of England's nine-member Monetary Policy Committee is widely expected to keep the bank's main interest rate unchanged at 4.

The Bank of England has kept interest rates on hold at 4.75% in the final Monetary Policy Committee meeting of 2024. Follow MoneyWeek for live updates and analysis