The GBP/USD pair soared after the collapses of Borstad and Bank of England last week. In its decision, the government chose to keep interest rates unchanged at between 5.25% and 5.50%. This was the bank's third meeting aimed at eliminating low interest rates. The biggest news in the report was the central bank's announcement that it would start cutting interest rates in 2024. This view was echoed by Jerome Powell, who emphasized that interest rate cuts could be considered if economic expansion continues to slow. The situation was particularly pronounced in London as Prime Minister Andrew Bailey was reluctant to raise expectations for rate cuts. In his statement, he stressed that interest rates would remain unchanged as raising them would be a major challenge. Many financial analysts agree that the BoE will start cutting interest rates in June or July as the UK economy slows. Information released on Wednesday showed the economy contracted in October.