Bank rate held at 0.25%

August 4, 2017
bank of england interest rate

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.

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News

NPPF review is a chance to fix planning, build homes, restore wildlife and help SMEs

The latest National Planning Policy Framework (NPPF) unveils an ambitious package of reforms designed to speed up the planning process and make smaller sites more viable. This includes trimming environmental regulations and cutting Building Safety Levy on smaller sites, as well as providing more funding to local authorities to process planning applications faster, whilst taking…
Read More →
Letting Agent Talk

Five key tax mistakes made by landlords

By Allison Thompson, National Lettings Managing Director, Leaders Landlord tax is a hugely complicated area, so if you are investing in buy-to-let or renting out any property you own, it’s well worth consulting a specialist property tax adviser. They can help ensure you: a. Own, let, take income and realise gains from your investment in…
Read More →
Breaking News

House prices post third consecutive quarter of growth

The latest Property Market Index Review by London lettings and estate agent, Benham and Reeves, has revealed that the property market continued to demonstrate positive momentum during the third quarter of this year, with house prices increasing for a third consecutive time, although the rate of growth seen did slow considerably when compared to the…
Read More →
Breaking News

Estate agent predicts ‘Boxing Day Bonanza’ as property market reignites

A leading estate agent is forecasting a “Boxing Day Bonanza” for home movers. Brendan Kay, Managing Director of Parkers Properties in West Oxfordshire, says that the “market is coiling and about to spring” after months of inertia driven by Budget uncertainty. Brendan, who has offices in Witney and Eynsham, looks after clients in some of…
Read More →
Estate Agents should not all look the same
Breaking News

Agent numbers set to grow by 4% in 2026

The latest research from The Property DriveBuy reveals that the number of estate agency businesses in the UK could be set to increase by over 4% in 2026, marking another year of solid expansion for the sector and further increasing the level of market competition. Property DriveBuy analysed available Office for National Statistics data (2017-2025)…
Read More →
Breaking News

Rental supply climbs 15% despite landlord uncertainty

The latest research from Dwelly has found that, despite what has been an incredibly uncertain year for landlords – marked by political back and forth over the Renters’ Rights Act, its eventual approval, and the additional 2% tax hit delivered in last week’s Autumn Budget – there are currently 15% more rental homes available to…
Read More →