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8/5, 1:00 PM (Source: TeleTrader)
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BoE holds rates, maintains current pace of stimulus

The Bank of England’s Monetary Policy Committee (MPC) voted unanimously on Thursday to leave its Bank Rate at 0.1%, in line with expectations. Meanwhile, policymakers voted 7 to 1 to keep the central bank's bond-buying stimulus scheme unchanged at £895 billion.

Regarding recent price pressures, officials said that CPI inflation is projected to rise to 4% in the final quarter of the year before falling back to close to the bank's 2% target.

"The Committee’s central expectation is that current elevated global and domestic cost pressures will prove transitory. Nonetheless, the economy is projected to experience a more pronounced period of above-target inflation in the near term than expected in the May Report," according to the MPC.

Breaking the News / JC