On Thursday, the Bank of England announced its decision to keep the base interest rate unchanged at 0.75%. This decision was widely expected by economists, who had predicted that the Bank of England would maintain its current policy of low interest rates.
The Bank of England’s Monetary Policy Committee (MPC) voted unanimously to keep the base rate at 0.75%, a level it has held since August 2018. The MPC also noted that the UK economy had grown at a slower pace than expected in the first quarter of 2019, and that there were signs of a slowdown in consumer spending and business investment.
The Bank of England also noted that Brexit uncertainty was continuing to weigh on the UK economy, and that this could lead to further weakness in the coming months. The MPC also noted that inflation had remained close to its 2% target, and that this was likely to remain the case in the near future.
The Bank of England’s decision to keep the base rate unchanged is likely to be welcomed by businesses and consumers alike, as it will help to keep borrowing costs low and provide some much-needed stability in uncertain times.