Bank rate held at 0.25%
The Bank of England announced yesterday 3rd August 2017 that the monetary committee has voted 6-2 to keep bank rate at 0.25%.
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 voted unanimously to maintain the stock of UK government bond purchases, financed by the issuance of central bank reserves, at £435 billion.
Mark Carney the Governor of the Bank of England warned that the prospects for the UK economy are bleak and that uncertainty over Brexit is already weighing on the economy.
The Bank has now lowered its growth forecast for this year and next, this year down to 1.7% from its previous forecast of 1.9% made in May, for 2018 from 1.7% to 1.6%.
The pound sterling reacted by dropping to a 9 month low against the Euro.
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