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7 Feb 2019

Bank of England leaves policy rate unchanged at 0.75% as expected

In a widely expected decision, the Bank of England's Monetary Policy Committee held the policy rate unchanged at 0.75% with a unanimous vote. The asset purchase facility remained steady at €435 billion as well. Now markets are waiting for Governor Carney to deliver his remarks at a press conference. Below are some key takeaways from the monetary policy statement.

  • At its meeting ending on 6 February 2019, the MPC voted unanimously to maintain Bank Rate at 0.75%.
  • The world economy has continued to slow over recent months, with a broad-based softening across all regions.
  • UK economic growth slowed in late 2018 and appears to have weakened further in early 2019.
  • This slowdown mainly reflects softer activity abroad and the greater effects from Brexit uncertainties at home. 
  • In the Committee’s central projection, quarterly GDP growth recovers later this year, with four-quarter growth rising to 2% by the end of the forecast period.
  • The Committee judges that, were the economy to develop broadly in line with its Inflation Report projections, an ongoing tightening of monetary policy over the forecast period, at a gradual pace and to a limited extent, would be appropriate to return inflation sustainably to the 2% target at a conventional horizon.
  • The economic outlook will continue to depend significantly on the nature of EU withdrawal.
  • The monetary policy response to Brexit, whatever form it takes, will not be automatic and could be in either direction. 

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Bank of England Governor Mark Carney is scheduled to deliver a speech on the monetary policy outlook at after 12:30 GMT after the BoE publishes its interest rate decision alongside the Quarterly Inflation Report.

About the BOE interest rate decision

BOE Interest Rate Decision is announced by the Bank of England. If the BoE is hawkish about the inflationary outlook of the economy and raises the interest rates it is positive, or bullish, for the GBP. Likewise, if the BoE has a dovish view on the UK economy and keeps the ongoing interest rate, or cuts the interest rate it is seen as negative, or bearish.

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