Bank of England keeps rates intact

Source: Dukascopy Bank SA


At 11:00 GMT, Bank of England in its Monetary Policy Committee has decided to keep interest rates unchanged. GBP is reacting to the upside. Also, the Committee voted to reduce government bond purchases, reducing purchases by 100 billion pounds over the next 12-month period.

As forecasted, official Bank rate of GBP has not changed. It remains at 5 .00%. Predictable monetary policy from the BoE is a good signal for overall economic environment in the UK. Monetary Policy Committee (MPC) votes were as follows- 0-1-8 (increase rates, decrease rates, hold rates).

In Future, looser monetary policy is plausible by the BoE, if macroeconomic data continues to confirm weaker macroeconomic outlook. Next MPC meeting on 7th of November, will confirm or deny central planner credibility of overseeing economy and making beneficial decisions.
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