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Financial News: Bank Of England Maintains Rate, QE

Bank Of England Maintains Rate, QE

09/19/2019 - 07:30:00 (RTTNews)

(RTTNews) - The Bank of England decided to maintain its interest rate and quantitative easing amid heightened uncertainty ahead of Brexit.

The Monetary Policy Committee, led by Governor Mark Carney, unanimously decided to hold the bank rate at 0.75 percent.

All nine members of the committee voted to hold the stock of corporate bond purchases at GBP 10 billion and that of government bond purchases at GBP 435 billion.

Policymakers viewed that the current stance of monetary policy was appropriate.

The MPC observed that increased uncertainty about the nature of Brexit meant that the economy could follow a wide range of paths over coming years.

The appropriate response of monetary policy would depend on the balance of the effects of Brexit on demand, supply and the sterling exchange rate, the bank added.

Brexit-related developments are making UK economic data more volatile, the bank said. The economy is forecast to grow 0.2 percent in the third quarter and inflation is expected to remain slightly below 2 percent in the near term.

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