BoE keeps interest rates steady at 5% - Breaking The News

BoE keeps interest rates steady at 5%

19 September

1 min read

EPA-EFE/ANDY RAIN

The Bank of England (BoE) announced on Thursday its decision to hold its interest rates unchanged at 5% after the cut implemented in August.

According to the bank's statement, eight members of the Monetary Policy Committee (MPC) voted in favor of maintaining rates and one against it. That one member was in favor of reducing rates by 0.25 percentage points, to 4.75%. The BoE stressed the call was made due to the need to eliminate "persistent inflationary pressures" and to bring CPI inflation back to the 2% target "both in a timely manner and on a lasting basis."

"The Committee voted unanimously to reduce the stock of UK government bond purchases held for monetary policy purposes, and financed by the issuance of central bank reserves, by £100 billion over the next 12 months, to a total of £558 billion," the bank added.

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