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Financial News: Bank Of England To Maintain Status Quo On

Bank Of England To Maintain Status Quo On Rate

09/12/2018 - 09:58:00 (RTTNews)

(RTTNews) - Bank of England policymakers are set to sit tight on interest rate after a unanimous rate hike decision in August.

The nine-member Monetary Policy Committee, led by Governor Mark Carney, is widely expected to keep the key rate unchanged at 0.75 percent.

The announcement is due at 7 am ET on September 13.

The interest rate was raised by a quarter-point at the August meeting as members viewed it necessary to bring inflation back to the target.

At 2.5 percent in July, inflation continues to stay above the central bank's 2 percent target.

The MPC is also widely expected to maintain the quantitative easing through asset purchases at GBP 435 billion.

Chancellor Philip Hammond announced on Tuesday that Carney will stay at the helm of the central bank until the end of January 2020 to support a smooth Brexit and transition.

The BoE Governor has not ruled out a no-deal Brexit and had warned earlier that the economy would suffer a shock if that is the case.

Despite the ongoing uncertainty over Brexit negotiations, the economy expanded 0.6 percent in the three months to July, the fastest since August 2017.

Warm weather and the World Cup boosted retail sales and recovery in construction underpinned economic growth.

In an interview to BBC to mark the 10th anniversary of the global financial crisis on Wednesday, Carney said high level of debt in China is a major source of concern. In terms of international financial risk, China was "top of the list", he said.

In the UK, the level of household debt "is still relatively high" and "there are pockets where there is quite significant debt", causing concern for the central bank, the BoE Chief added.

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