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No Hike in U.K. Interest Rates Likely for Many Months
The Bank of England now expects the British economy to grow 2.8% in 2015, up from its previous 2.5% forecast.
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The Bank of England now expects the British economy to grow 2.8% in 2015, up from its previous 2.5% forecast. But the central bank left the U.K.'s interest rate unchanged at 0.5% for the 78th consecutive month, the Associated Press reports.
The bank's monetary policy committee also decided against further economic stimuli.
Analysts say the BoE is in no hurry to raise rates because of the U.K.'s zero inflation rate. The bank considers a 2% rate normal and indicated previously it wants the British economy to achieve that level in two years.
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