Bank of England holds rates steady as UK navigates second wave fears and Brexit talks - CNBC
Aug 06, 2020 54 secs

The Bank of England on Thursday held interest rates steady and maintained its existing level of asset purchases, but warned it is anticipating a slower economic recovery from the coronavirus crisis.

All members of the Monetary Policy Committee voted to keep the main lending rate at 0.1%, with the central bank having cut rates twice from 0.75% since the beginning of the pandemic.

However, the central bank said it does not expect the U.K.

The central bank will also be waiting to gauge the extent of an anticipated surge in unemployment in the fall.

In its August monetary policy report, the BOE said the unemployment rate was projected to rise to around 7.5% by the end of 2020, down from a previous forecast of just below 10%, before gradually recovering.

The Bank has used a vast range of policy tools in 2020 to support the U.K.

economy, but it seems that there is little more that the central bank can do to prevent such an outcome," Gimber said, adding that pressure will instead fall on the government to reconsider its winding down of the furlough scheme.


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