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U.K. Holds Interest Rates at 0.25%
The Bank of England has agreed to leave its key interest rate unchanged at 0.25%, but it also signaled that an increase may be near.
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The Bank of England has agreed to leave its key interest rate unchanged at 0.25%, but it also signaled that an increase may be near.
BoE lowered its lending rate from 0.5% to 0.25% last August in anticipation of zero economic growth caused by England’s vote in June to exit the European Union. The bank also expanded a bond-buying program and launched incentives to encourage banks to make more business and consumer loans.
Now the BoE expects the British economy will expand at a healthy 2% in 2017. But it also forecasts a slowdown next year because of worries about the impact of Brexit. BBC News says some economists believe the uncertainty may prompt the bank to leave rates unchanged until at least 2019.
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