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Financial News: BoE Unanimous On Rates; Lifts Growth Outlook

BoE Unanimous On Rates; Lifts Growth Outlook

02/02/2017 - 07:21:00 (RTTNews)

(RTTNews) - Policymakers of Bank of England unanimously decided to maintain its monetary policy unchanged and raised its growth forecasts on Thursday.

The Monetary Policy Committee, headed by Governor Mark Carney, unanimously decided to hold the key bank rate at a record low 0.25 percent and corporate bond purchase plan at up to GBP 10 billion.

Also, all members voted to continue GBP 435 billion bond purchase programme. The decision was in line with economists' expectations.

"At its February meeting, the MPC continued to judge that it remained appropriate to seek to return inflation to the target over a somewhat longer period than usual, and that the current stance of monetary policy remained appropriate to balance the demands of the Committee's remit," the bank said in the monetary policy summary.

In the Inflation Report, the bank said that the fall in sterling will raise CPI inflation, which is likely to return to around the 2 percent target by February and then rise above it over the following months.

Inflation is forecast to fall back gradually from the middle of 2018. Nonetheless, inflation is projected to remain somewhat above the target at the end of the Committee's three-year forecast period.

The bank lifted its growth outlook for 2017 to 2 percent from 1.4 percent and the projection for next year to 1.6 percent from 1.5 percent.

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