The Bank of England is anticipated to hold its interest rate steady at 4.75% during an upcoming meeting, following a rise in inflation to 2.6% and faster wage growth. Governor Andrew Bailey indicated a gradual downward path for rates, but analysts believe current economic factors will keep rates stable longer. Paul Dales from Capital Economics remarked that the chances of a rate cut are low, suggesting that inflation pressures are stronger than predicted, although a decline in inflation is expected by the end of next year.