Jul
14

Bank of England Signals August Stimulus as Rate Kept at 0.5%

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  • Officials discussed various easing options at policy meeting
  • Gertjan Vlieghe said outlook justified immediate 25bps cut

The Bank of England left its key interest rate at a record low and signaled it’s readying stimulus for August as the economy reels from Britain’s decision to quit the European Union.

The nine-member Monetary Policy Committee, led by Governor Mark Carney, voted 8-1 to keep the benchmark at 0.5 percent, with only Gertjan Vlieghe saying the outlook justified an immediate reduction. The pound surged as the decision surprised investors, who had priced in more than an 80 percent chance the rate would be lowered. While policy makers discussed what measures could help the economy, they stopped short of detailing what those might be…

Bank of England Signals August Stimulus as Rate Kept at 0.5%

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