Financial News: Bank Of England Leaves Interest Rate Unchanged

Bank Of England Leaves Interest Rate Unchanged

12/19/2024 - 07:26:00 (RTTNews)

(RTTNews) - The Bank of England decided to leave its benchmark rate unchanged on Thursday as inflation is expected to continue rising and the economy is forecast to stagnate in the fourth quarter.

The Monetary Policy Committee voted 6-3 to hold the bank rate at 4.75 percent. Three members preferred a quarter-point reduction.

The bank had reduced the rate by quarter-point each in November and August.

"A gradual approach to removing monetary policy restraint remained appropriate," the bank said. Bank staff expects GDP growth to have been weaker at the end of the year than projected earlier. The economy is forecast to post zero growth in the fourth quarter compared to 0.3 percent estimated in the November report.

In the near term, headline inflation was expected to continue to rise slightly. Inflation, wage growth and some indicators of inflation expectations increased, adding to the risk of inflation persistence, the bank said.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

U.S. Consumer Sentiment Improves In Line With Preliminary Estimate In December (01 hr(s), 28 min(s), 25 sec(s) ago)
(RTTNews) - The University of Michigan released a report on Friday showing consumer sentiment in t ...Full Story»

U.S. Consumer Prices Inch Higher In November, Annual Growth Accelerates Slightly Less Than Expected (01 hr(s), 59 min(s), 25 sec(s) ago)
(RTTNews) - Consumer prices in the U.S. crept slightly higher in the month of November, according ...Full Story»

Slovenia Producer Prices Fall At Slower Rate (02 hr(s), 13 min(s), 25 sec(s) ago)
(RTTNews) - Slovenia's producer prices continued their declining trend in November, figures fr ...Full Story»

Croatia Jobless Rate Rises To 5.0% (02 hr(s), 28 min(s), 25 sec(s) ago)
(RTTNews) - Croatia's unemployment rate increased for the second straight month in November, f ...Full Story»

Denmark Economy Grows Less Than Estimated In Q3 (02 hr(s), 46 min(s), 25 sec(s) ago)
(RTTNews) - The Danish economy expanded less than initially estimated in the third quarter, the ...Full Story»

U.S. Consumer Prices Inch Up Slightly Less Than Expected In November (03 hr(s), 01 min(s), 25 sec(s) ago)
(RTTNews) - Consumer prices in the U.S. crept slightly higher in the month of November, according ...Full Story»

Sweden Producer Prices Rise, Retail Sales Growth Remains Stable (03 hr(s), 09 min(s), 25 sec(s) ago)
(RTTNews) - Producer prices in Sweden increased for the first time in three months in November, wh ...Full Story»

UK Retail Sales Rise Less Than Forecast (03 hr(s), 21 min(s), 25 sec(s) ago)
(RTTNews) - UK retail sales grew for the first time in three months in November but the pace of ex ...Full Story»