Bank of England keeps interest rates steady at 0.1%

ANKARA

The Bank of England on Thursday decided to keep its interest rate unchanged at 0.1% and target the stock of asset purchases at £895 billion ($1.21 trillion)

"The Monetary Policy Committee (MPC) voted by a majority of 7-2 to maintain bank rate at 0.1%," the bank said in a statement.

Noting that growth was restrained by disruption in supply chains, the BoE said the UK's gross domestic product (GDP) is projected to overtake its pre-pandemic level in the first quarter of 2022.

The bank expects inflation to peak at around 5% next April and then to fall starting in the second half of 2022 as supply disruption eases, global demand rebalances, and energy prices stop rising.

Consumer Price Index (CPI) inflation "is projected to be a little above the 2% target in two years’ time and just below the target at the end of the forecast period," it noted.

ANKARA

The Bank of England on Thursday decided to keep its interest rate unchanged at 0.1% and target the stock of asset purchases at £895 billion ($1.21 trillion)

"The Monetary Policy Committee (MPC) voted by a majority of 7-2 to maintain bank rate at 0.1%," the bank said in a statement.

Noting that growth was restrained by disruption in supply chains, the BoE said the UK's gross domestic product (GDP) is projected to overtake its pre-pandemic level in the first quarter of 2022.

The bank expects inflation to peak at around 5% next April and then to fall starting in the second half of 2022 as supply disruption eases, global demand rebalances, and energy prices stop rising.

Consumer Price Index (CPI) inflation "is projected to be a little above the 2% target in two years’ time and just below the target at the end of the forecast period," it noted.