BoE keeps key interest rate at 0.75%

The Bank of England has kept its main interest rate on hold at 0.75 per cent and warned that mounting fears of a no-deal Brexit at the end of October is increasingly weighing on the country's short-term economic growth.

The decision, announced on Thursday, was unanimous among the nine-member policy-making panel.

Minutes accompanying the decision showed that rate-setters think growth has slowed this year to a rate below potential, "reflecting both the impact of intensifying Brexit-related uncertainties on business investment and weaker global growth on net trade."

Rate-setters said there was more evidence that Brexit uncertainty has become "more entrenched."

The bank's forecasts are conditioned on the assumption that Britain will leave the EU with a deal, smoothing its exit.

Austrlaian Associated PressBack to Breaking News

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