The Bank of England (BoE) has said it is "still likely" it will go ahead with an interest rate cut later this year, despite the impact from Brexit being "less severe" than anticipated. The Bank’s rate-setters voted unanimously to keep Bank Rate at 0.25 percent, the lowest level in the BoE’s 322-year history, after cutting it in August for the first time since 2009 to tackle the shock of Britain’s vote to leave the European Union. As well as unanimously voting for the 0.25% rate, BoE policymakers also agreed to maintain their government bond-buying target at the higher level of £435bn ($574bn) as well as keep rates on hold until mid-2018. BoE governor Mark Carney was criticised for his reaction to the Brexit vote, but the Bank said it would he hard to predict the long-term effects of the Brexit vote.
The Bank of England (BoE) has said it is "still likely" it will go ahead with an interest rate cut later this year, despite the impact from Brexit being "less severe" than anticipated. As well as unanimously voting for the 0.25% rate, BoE policymakers also agreed to maintain their government bond-buying target at the higher level of £435bn ($574bn) as well as keep rates on hold until mid-2018. BoE governor Mark Carney was criticised for his reaction to the Brexit vote, but the Bank said it would he hard to predict the long-term effects of the Brexit vote.