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Bank of England Leaves Rates Unchanged
As expected, the Bank of England has again decided not to raise the country's record-low 0.5% interest rate for at least another month.
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As expected, the Bank of England has again decided not to raise the country's record-low 0.5% interest rate for at least another month.
The central bank also left its quantitative easing economic stimulus program unchanged at 345 billion (€434 billion).
The U.K. economy expanded by 0.8% in the first quarter of 2014, marking its fifth consecutive quarter of growth. Inflation is at about 1.5% compared with the bank's target 2% rate.
Last month Governor Mark Carney hinted the bank might begin to increase interest rates before the end of this year. Analysts widely expect any increases to be small and gradual. Carney has indicated the bank's target is to reach a rate of 2.5% by 2017.
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