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Financial News: BoE Voted 7-2 To Hold Key Rate

BoE Voted 7-2 To Hold Key Rate

05/10/2018 - 07:34:00 (RTTNews)

(RTTNews) - The Bank of England decided to keep its key interest rate and quantitative easing unchanged, on Thursday, and downgraded its near-term growth outlook.

The Monetary Policy Committee voted 7-2 to maintain the benchmark rate at 0.50 percent. The bank had previously raised its key rate in November 2017, which was the first hike in a decade.

Policymakers unanimously decided to maintain the quantitative easing at GBP 435 billion.

Ian McCafferty and Michael Saunders preferred a quarter point rate hike as they judged the weakness in the first quarter GDP data to be temporary or erratic, heavily affected by adverse weather.

For the majority of members, an increase in Bank Rate was not required at this meeting. The recent weakness in data for the first quarter had been consistent with a temporary soft patch, with few implications for the current degree of slack or for the outlook for the UK economy, the minutes showed.

The economy is projected to grow 1.4 percent by the second quarter of 2018 instead of 1.8 percent estimated in February. Growth is seen at 1.7 percent each in next three years.

Further, inflation is projected to fall back slightly more quickly than in February, reaching the 2 percent target in two years.

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