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United Kingdom – Banknote Bank in London Holds Key Interest Rate and Signals Increase News

Thursday, September 14th, 2017 | Economy

It remains at 0.25 percent. At the same time, the central bank signaled that an increase in "price pressure" would be likely in the coming months. As announced by the Bank of England (BoE) on Thursday, the decision to maintain the interest rate initially fell with seven to two votes. At the same time, it maintained the volume of its bond program of £ 435 billion (just under 483 billion euros).
The BoE had increased the purchases in August 2016 under the influence of the Brexit shock to this level. At the same time, it lowered the key interest rate to the currently valid level. The UK has been in a difficult position as a result of the anti-EU vote, as prices are picking up and the once booming economy is slower.
The annual tax rate was 2.9 percent higher in August than in May and still one tenth higher than the previous month. As a result, the inflation rate is further removed from the target of BoE, which targets two percent. The prices are driven mainly by the weaker pound, which has come under pressure after the June 2016 Brexit vote. As wage growth does not keep pace with inflation, the public's buying mood is clouded: this proves to be a brake pad for the economy. The gross domestic product grew by only 0.3 percent between April and June. In addition to the restraint of consumers, the company's stagnating investments and a doldrums in construction also contributed to the mellow economic situation.
(Reuters)

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