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BoE leaves policy unchanged but examines negative rates

Thu, 17th Sep 2020 11:41

(Sharecast News) - The Bank of England left interest rates and its bond-buying target unchanged but said it was ready to take further action amid economic uncertainty.
The BoE's monetary policy committee voted unanimously to leave borrowing costs at their record low of 0.1%. Ratesetters were also united in maintaining the target for bond purchases, or quantitative easing, at £745bn.

Economists had expected the BoE to leave policy unchanged to give the MPC time to take account of Brexit talks and a potential surge in unemployment as the government withdraws its support for jobs. Many economists expect the BoE to make its next move in November with an expansion of quantitative easing.

"Recent domestic economic data have been a little stronger than the committee expected at the time of the August [inflation] Report, although, given the risks, it is unclear how informative they are about how the economy will perform further out," the MPC minutes said. "The committee will continue to monitor the situation closely and stands ready to adjust monetary policy accordingly to meet its remit."

Business surveys have shown the economy picking up after the UK plunged into a deep recession in the second quarter of 2020. But analysts have warned the recovery appears fragile with Covid-19 infections rising, mass job losses looming and Brexit talks descending into acrimony.

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