MPC VOTES 6-2 TO KEEP BANK RATE UNCHANGED

The Bank of England’s Monetary Policy Committee (MPC) voted 6-2 to maintain Bank Rate at 0.25% and voted unanimously to continue with the programme of government bond purchases at £435 billion and corporate bond purchases at £10 billion.

The decision to keep bank rate at 0.25% was widely expected and was probably an easy one to take, given the sluggishness of the UK economy at present, although two members of the MPC voted for a rise in Base Rate. One other thing they agreed on was that “any increases in Bank Rate would be expected to be at a gradual pace and to a limited extent”.

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