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Bank Rate Stays at Record Low

Bank Rate Stays at Record Low

The Bank of England’s Monetary Policy Committee (MPC) have voted to maintain Bank Rate at 0.5%. The MPC voted by a majority of 8-1 to maintain it at the same level.

The MPC voted unanimously to maintain the stock of purchased assets financed by the issuance of central bank reserves at £375 billion.

The role of the Bank of England’s Monetary Policy Committee is to set monetary policy in order to meet the 2% inflation target in a way that ‘helps to sustain growth and employment’. The Committee meet each month to discuss financial market developments; the international economy, money, credit, demand and output; and supply, costs and prices before making the policy decision.

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