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undergroundnewsroom.com May 27, 2018


Bank Of England will hold interest rates at 0.5%

11 May 2018, 01:04 | Gordon Grant

BoE Governor Mark Carney told the BBC later on Thursday that he expected rates to rise this year, unless growth disappointed again.

The Bank of England has backed off from raising interest rates as it slashed 2018 growth forecasts, but said the economy would bounce back from a weather-hit "soft patch".

It's not the first time that Carney has flagged up a rate hike only to pull back, which has prompted some to tag him an "unreliable boyfriend".

"We think the momentum in the economy is going to reassert", Carney told reporters in London.

The Bank of England is not actively discussing how to reverse the quantitative easing (QE) stimulus plan in which it bought hundreds of billions of pounds of government bonds with new money, Governor Mark Carney said on Thursday.

In the first three months of the year, the British economy barely grew, expanding at a quarterly rate of just 0.1 percent, with the construction sector faring particularly badly.

"If the MPC is right (about the growth outlook), then it will likely plow on with the limited and gradual tightening it has repeatedly guided towards. but we suspect it has missed its chance", HSBC economists Elizabeth Martins and Chris Hare said after the BoE decision. The vote split was the same as at the last meeting in March.

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It also forecast that the unemployment rate would fall further, to 4% by 2020, the Bank's lowest forecast since the financial crisis.

The Bank of England (BoE) has downgraded its predictions for inflation and economic growth in Q2, as the prospects for the United Kingdom economy remain "clouded by Brexit uncertainty".

The pound was hit by the Bank's downbeat assessment of the United Kingdom economy - revealed in the quarterly inflation report it published alongside its rates decision today - which implies that a rate rise in the coming months is unlikely.

The Bank of England's Monetary Policy Committee (MPC) has voted to hold interest rates at 0.5% on the back of weaker-than-expected economic data.

May Inflation Report revised both inflation and short-term GDP growth forecast lower, saying it was driven by lowered expectations on domestic demand, but kept the forecast for 2019 and 2020 unchanged. Adding an interest rate hike would possibly tip the economy in recession territory.

The inflation report also reduced inflation forecasts to 2.4% in Q2 - from 2.7% previously - and by a basis point in the following years.

Just a few weeks ago, investors thought the bank would raise the rate by a quarter-point to its highest level since early 2009. He added that there "may be some differences of view at the May meeting, but that it is a view we take ... conscious that there are other meetings over the course of the year."Markets were quick to slash hiking odds in May to 50 percent".



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