Bank of England announces bank rate rise to 0.75%, highest since 2009
The Bank of England yesterday announced a bank rate rise to 0.75% which is the highest since 2009.
The Bank of England’s Monetary Policy Committee (MPC) at its meeting 1st August 2018 voted unanimously 9-0 to increase base rate by 0.25% to 0.75%.
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.
Since the May Inflation Report, the near-term outlook has evolved broadly in line with the MPC’s expectations. Recent data appear to confirm that the dip in output in the first quarter was temporary, with momentum recovering in the second quarter. The labour market has continued to tighten and unit labour cost growth has firmed.
The MPC’s updated projections for inflation and activity are set out in the August Inflation Report and are broadly similar to its projections in May.
Read the Bank of England announcement 2nd August 2018 in full click here.
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