Tuesday March 31, 2020

Bank of England cuts UK growth forecast and holds interest rates

Governor Mark Carney makes biggest intervention yet on the Brexit debate

12th May, 2016
Bank of England Governor Mark Carney Pic: Getty

The Bank of England's Monetary Policy Committee (MPC) today voted 9-0 to keep UK interest rates at historic low of 0.5 per cent.

In February, the MPC forecast that the UK economy would grow 2.2 per cent in 2016 and 2.4 per cent in 2017 but this has been revised down to 2 per cent and 2.3 per cent respectively.

The downgrade has been made as the BoE prices in the risk of the UK's voting to leave the EU in June...

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