UK Interest Rates Held Steady Amidst Economic Uncertainty; Bitcoin Plummets
LONDON - The Bank of England decided to hold UK interest rates at 3.75% after a close vote, while Bitcoin experienced a sharp decline in value, according to reports published on February 6, 2026. The decision, made by a five-to-four split within the decision-making committee, comes amidst a mixed economic backdrop, as reported by BBC Business. Simultaneously, the cryptocurrency market saw Bitcoin fall nearly 14% on Friday morning, trading around $62,900, as stated by Al Jazeera.
Governor Andrew Bailey told the BBC that further reductions in interest rates were likely later in the year. The Bank also lowered its economic growth prediction for the year and increased its unemployment forecast, factors that make further rate cuts more probable. Bailey added that rates were not expected to fall to the lows seen at the start of the pandemic.
In other news, the Ugandan opposition leader Bobi Wine remained in hiding nearly three weeks after a disputed election, as reported by The Guardian. His whereabouts were unknown after he fled what he said was a night raid on his home by police and military. A high-stakes social media feud with the country's military chief was also escalating.
Meanwhile, Cuba expressed its willingness to engage in talks with the United States "without pressure," according to The Guardian, following months of threats. Cuban President Miguel Díaz-Canel made the statement amid the island's deepening economic crisis.
The Russia-Ukraine war continued, with nighttime shelling by Ukrainian forces inflicting serious damage on the Russian city of Belgorod, as reported by Al Jazeera. Two people were injured in a Russian overnight drone attack in Kyiv, according to the city's Mayor Vitali Klitschko.
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