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MNI POLICY: Bank of England On Hold, Downside Growth Risks

MNI (London)
The Bank of England voted unanimously to leave the Bank Rate at 0.1% and the cumulative amount of quantitative easing unchanged at GBP 745 billion.

The Bank's Monetary Policy Committee noted the outlook for the UK economy remains unusually uncertain due to the pandemic, which results in less reliable projections.

Even though activity has strengthened in recent months, GDP is not forecast to exceed Q4's level of 2019 before the end of 2021, due to weaker supply capacity and the risks to the outlook for GDP are skewed to the downside.

Unemployment is seen rising to 7.5% by the end of 2020 as the government support schemes gradually unwind, while inflation is projected to fall further to around 0.25% in 2020 due to the impact of energy prices and temporary VAT cuts. CPI is forecast to reach the target of 2% in two year's time.

The MPC will keep a range of actions under review (including potential negative rates which are still being studied). Policymakers don't intend to tighten monetary policy until progress is made to eliminate spare capacity and the CPI target is reached.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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