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September's lower-than-expected inflation, softer wage growth, and clear signs of slowing activity in the third quarter have strengthened the case for the Bank of England to move towards cutting interest rates in December, says Nigel Green, the CEO of deVere Group, one of the world's largest independent financial advisory organisations.

The call comes after the Bank of England on Thursday voted narrowly to hold rates at 4%, with a split 5-4 decision exposing growing divisions within the Monetary Policy Committee. Four members backed an immediate quarter-point reduction, warning that rates may already be“significantly too high.”

UK inflation has remained below 4% since July, and core inflation has continued to moderate. Meanwhile, official data shows that wage growth cooled in September from its summer highs, while retail sales and business investment both softened through the third quarter.

The Bank's latest decision came against a backdrop of increasing global monetary easing.

The European Central Bank has signalled openness to rate cuts in early 2025, while the Federal Reserve has already slowed the pace of tightening and hinted that the next move is likely downward.

He warns that maintaining rates at 4% despite signs of softening demand will weigh heavily on households and small businesses over the winter.

Nigel Green argues that a modest 25 basis-point cut in December would be both symbolic and practical.

Markets are already pricing in the likelihood of a cut within the next two meetings.

He stresses that the Bank's credibility depends not only on defeating inflation but also on avoiding unnecessary economic damage.

Nigel Green concludes:

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