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Financial News: BoE Unanimous On Rate, QE

BoE Unanimous On Rate, QE

09/13/2018 - 07:21:00 (RTTNews)

(RTTNews) - Bank of England policymakers unanimously decided to maintain interest rates and quantitative easing after a quarter point rate hike in August.

The Monetary Policy Committee, led by Governor Mark Carney, voted to keep the key rate unchanged at 0.75 percent.

The MPC also unanimously decided to maintain the quantitative easing through asset purchases at GBP 435 billion.

Policymakers said, were the economy to continue to develop broadly in line with the August Inflation Report projections, an ongoing tightening of monetary policy over the forecast period would be appropriate to return inflation sustainably to the 2 percent target.

The MPC reiterated that any future increases in Bank Rate were likely to be at a gradual pace and to a limited extent.

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.

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