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U.K. Holds Interest Rate Steady at 0.5%
The Bank of England has elected to maintain its prime lending rate unchanged at 0.5% for now.
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The Bank of England has elected to maintain its prime lending rate unchanged at 0.5% for now. But the central bank appears likely to lower the rate when it meets again in early-August, BBC News reports.
Financial experts had expected a cut this week to help reverse the U.K.’s slowing economic growth. The bank also is monitoring a possible rise in inflation caused by the weakening pound sterling.
The bank’s record-low 0.5% lending rate has been in place for more than seven years. But analysts say action appears likely in August after the central bank reported a slowdown in business investments and predicted a significant near-term weakening in the British housing market.
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