Bank of England's rates decision shocks markets

Bank signals stimulus moves will come in August

14th July, 2016
Bank of England Governor Mark Carney Pic: Getty

The Bank of England has unexpectedly kept its key interest rate unchanged, while signalling more stimulus will come in August to aid the post-Brexit economy.

The nine-member Monetary Policy Committee, led by Governor Mark Carney, voted 8-1 to keep the benchmark at a record-low 0.5 per cent, with only Gertjan Vlieghe saying the outlook justified an immediate reduction.

“Most members of the committee expect monetary policy to be loosened in August,” officials said, according to the...

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