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Interest rates unchanged at 0.1%

Interest rates unchanged at 0.1%

The Bank of England’s Monetary Policy Committee has voted unanimously to keep interest rates at 0.1%, and keep the Bank’s total target stock of asset purchases at £895bn. The Bank noted uncertainty regarding the economic outlook, which it said will depend on progress made in tackling the pandemic, and on how businesses, households and markets respond to future developments – although it noted that lockdown could be eased faster than predicted in its February report, which “may be consistent with a slightly stronger outlook for consumption growth” over the April to June period than previously expected. Andy Haldane, the Bank’s chief economist, has said that the country is now “more likely than not” to see a “rapid-fire recovery”. Mr Haldane, speaking at an awards ceremony for Women in Business and Finance, said such a recovery “is coming soon”, although evidence remains that the “deepest and most damaging” scars inflicted by the pandemic “will be felt by those least advantaged in the job market”.

Read more: City AM


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