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Financial News: Bank Of England Maintains Key Rate As Expected

Bank Of England Maintains Key Rate As Expected

03/21/2024 - 08:25:00 (RTTNews)

(RTTNews) - The Bank of England left its benchmark rate unchanged at a six-year for the fifth straight session on Thursday.

The Monetary Policy Committee, led by Governor Andrew Bailey, voted 8-1 to keep the bank rate unchanged at 5.25 percent. The rate was the highest since early 2008.

Swati Dhingra sought a quarter point reduction to 5.00 percent. Dhingra assessed that waiting for more reassurance before reducing Bank Rate would weigh further on living standards and supply capacity.

The policymakers said the MPC remained prepared to adjust monetary policy as warranted by economic data to return inflation to the 2 percent target sustainably. ".the Committee would keep under review for how long Bank Rate should be maintained at its current level," the bank said.

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