BoE keeps interest rate, asset purchases steady
The Bank of England's (BoE) Monetary Policy Committee voted unanimously on Thursday to maintain its interest rates unchanged at 0.10%.
Additionally, the members of the body were unified in their support for keeping corporate bond purchases unmodified at £20 billion. Regarding the government bond, they voted 8-1 to keep the purchases at £875 billion.
The central bank revised its gross domestic product projections upwards by 1.25 percentage points to 5.5%. Consumer prices were 0.3 percentage points higher than anticipated in May at 2.1%, and are expected to exceed 3% for a temporary period, the BoE stated.
"The Committee does not intend to tighten monetary policy at least until there is clear evidence that significant progress is being made in eliminating spare capacity and achieving the 2% inflation target sustainably," the statement read.