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Bank of England Leaves Rates Unchanged
The Bank of England agreed earlier today to maintain the central bank's 0.5% primary lending rate and refrain from any other economic stimulus.
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The Bank of England agreed earlier today to maintain the central bank's 0.5% primary lending rate and refrain from any other economic stimulus.
Most members of the committee believe Britain's recovery, while brisk, is not yet strong enough to warrant a higher interest rate. But two of the nine-member policy committee voted otherwise, marking the first time in seven years the group failed to act unanimously.
The majority points to a dip in the U.K.'s inflation rate from 1.9% in June to 1.6% in July as evidence that a higher interest rate isn't needed. The bank targets 2% inflation as normal.
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