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- BoE maintains Bank Rate at 0.75%, lowers Q3 GDP forecast
BoE maintains Bank Rate at 0.75%, lowers Q3 GDP forecast
The Bank of
England (BoE) announced its Monetary Policy Committee (MPC) voted unanimously
to maintain Bank Rate at 0.75 percent at its September meeting.
The MPC also
voted unanimously to maintain the corporate bond purchases at £10 billion and
UK government bond purchases at £435 billion.
In its
statement, the BoE says:
- If Brexit uncertainty persists, inflationary pressures likely be reduce;
- Inflation is expected to remain slightly below the 2% target in the near term;
- Outlook for global growth has weakened due to intensified the trade war between the United States and China;
- Entrenched Brexit uncertainties and slower global growth have led to the re-emergence of a margin of excess supply;
- Labour market appears to remain tight, with the unemployment rate having been just under 4% since the beginning of this year;
- GDP is now expected to rise by 0.2% in Q3 (down from +0.3% q/q previously) after falling by 0.2% in 2019 Q2;
- UK underlying growth has slowed, but remains slightly positive;
- Monetary policy response to no-deal Brexit would not be automatic and could be in either direction.
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