Economic Buzz: Bank Of England Holds Interest Rates Unchanged, Upgrades Economic Growth Estimates

Economic Buzz: Bank Of England Holds Interest Rates Unchanged, Upgrades Economic Growth Estimates

May 06, 2021 05:05 IST capital market

The Bank of England held its monetary policy unchanged on Thursday. The Bank of England said its nine-person Monetary Policy Committee (MPC) had unanimously voted to hold interest rates unchanged. The committee voted 8-1 to keep its asset purchase facility at ?895 billion. Interest rates have been held at a record-low 0.1% since the early stages of the COVID-19 pandemic. The Bank of England also upgraded its forecasts for growth this year, predicting the UK economy will expand by 7.25% in 2021. The Bank of England had predicted growth of 5% in February.

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