The Bank of Englands Monetary Policy Committee has voted unanimously to keep interest rates at 0.75%. This comes against a backdrop of uncertainty regarding Brexit and a marked consumer spending slowdown. Given this, they have cut their Economic Growth forecast for the next quarter by 0.1%. A sliver of good news was that Lower oil prices were likely to push inflation below the Bank’s 2% target by the end of the year meaning there is likely to be little pressure on interest rates going forward.
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