Newspaper article Manchester Evening News

BOE Holds Interest Rates at 0.25pc

Newspaper article Manchester Evening News

BOE Holds Interest Rates at 0.25pc

Article excerpt

THE Bank of England has kept interest rates on hold and raised its economic outlook for this year and next, but warned that tough times were still ahead with lagging growth and a jump in inflation set for 2018.

Minutes for the latest Monetary Policy Committee (MPC) meeting showed members voted unanimously to keep rates at 0.25 per cent, having been slashed from 0.5% to a fresh record low in August as part of a postreferendum stimulus package worth Pounds 170bn. In its latest quarterly inflation report, the Bank raised its forecast for Gross Domestic Product (GDP) growth over the next two years, revised up from 2 per cent to 2.2 per cent for 2016 and from 0.8 per cent to 1.4 per cent in 2017.

It follows better-thanexpected growth of 0.5% in the third quarter, with the Bank also now pencilling in fairly steady expansion of 0. …

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