BoE Does Nothing

Well, in a sense.

In its monthly meeting, Bank Of England’s Monetary Policy Committee voted to maintain the Bank Rate at 0.5% and the stock of purchased assets financed by the issuance of the central bank reserves at £375 billion.

The Bank Rate has been at 0.5% level since March 5, 2009. The asset purchase program was also started on that day. It was last increased by £50 billion to £375 billion on July 5, 2012.

It was generally anticipated as the bank had hinted that it is in no rush to raise rates. Governor Mark Carney had said that the rates will remain low for some time even though he acknowledged that the economy had edged closer to the point where they need to rise.

Print Friendly, PDF & Email