As Fathom predicted in its previous UK Update, the Monetary Policy Committee (MPC) delivered a 25-basis-point rate cut in its December meeting, by a vote of 5 to 4. We identified that it would be Governor Andrew Bailey who would switch his vote relative to the November meeting to fall in line with the doves, and this was indeed how it played out. More generally, we take the guidance from the latest MPC meeting minutes to be fairly dovish, with