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- Bank of England keeps its interest rate on hold at 0.5% in February
Bank of England keeps its interest rate on hold at 0.5% in February
The Bank of England (BoE) released its interest rate decision on Thursday. The BoE kept its interest rates unchanged at 0.5% and its asset purchase program unchanged at £375 billion. This decision was widely expected.
Analysts expect that the BoE will start to raise interest rate later in early 2016. Low inflation weighed on the BoE's interest rate decision. The consumer price inflation dropped to an annual rate of 0.5% in December from 1.0% in November, the lowest level since May 2000.
The recent released UK's manufacturing, services and construction sectors' economic reports showed a robust growth in these sectors in January, following a decline in December.
Investors are awaiting the minutes of the monetary policy committee (MPC). The minutes of the meeting will be released on February 18.
All members voted in January to keep the central bank's monetary policy unchanged, according to MPC's meeting minutes. During the five previous months, two members, Ian McCafferty and Martin Weale, voted to raise interest rates to 0.75% from 0.5%.
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