英国央行降息节奏趋缓，未来门槛或提高

Group 1 - The Bank of England has implemented a total of 100 basis points in rate cuts throughout 2025, with a gradual approach characterized by four cuts of 25 basis points each, reducing the base rate from 4.75% at the beginning of the year to 3.75% by year-end [1] - The Consumer Price Index (CPI) has decreased to 3.2%, which, while still above the 2% target, is expected to decline more rapidly in the short term due to slowing wage growth and service price inflation [1] - The Bank of England indicated that future monetary policy adjustments will depend on changes in the inflation outlook, with a cautious approach anticipated moving forward [2][3] Group 2 - The pace of interest rate cuts by the Bank of England has shown a "fast then slow" pattern, with two cuts in the first half of the year and two in the second half, but with increasing intervals between cuts [2] - The monetary policy decisions in 2025 were made amid significant disagreement, as evidenced by a close vote of 5 to 4 in the December meeting regarding the 25 basis point cut [2] - The Bank of England plans to conduct a comprehensive assessment of the impact of the UK Treasury's autumn budget on monetary policy in the February 2026 report cycle [3]