Bank of England holds interest rate at 0.25%
The Bank of England’s Monetary Policy Committee (MPC) announced yesterday the result of their meeting 14th June.
The MPC voted by a majority of 5-3 to maintain Bank Rate at 0.25%, the 5-3 vote by the Bank’s policymakers was the closest for a rate rise since 2007.
Inflation is now well above the Bank’s target rate of 2%. The committee said inflation could exceed 3% by the autumn and was expected to remain above the 2% target for an “extended period” as the weaker pound pushed up prices while pay growth remained “subdued”.
The vote initially pushed up the value of the pound against the dollar and Euro but setled back later
The Committee voted unanimously to maintain the stock of sterling non-financial investment-grade corporate bond purchases, financed by the issuance of central bank reserves, at £10 billion.
The Committee also voted unanimously to maintain the stock of UK government bond purchases, financed by the issuance of central bank reserves, at £435 billion.
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