Base rate held

Ryan Bembridge

November 1, 2018

The Bank of England has held the base rate at 0.75%.

The Monetary Policy Committee unanimously voted to hold the rate.

Frances Haque, Santander UK chief economist, said: “The decision to hold rates was widely expected by both the market and commentators, despite the more positive outlook for Q3 economic growth.

“Although inflation remains above the 2% level and wage growth has tipped 3%, the MPC looks to have remained cautious in its approach, wanting to wait until the outcome on Brexit is known before raising rates further.

“Assuming a Brexit deal can be reached, the MPC will now likely wait until after March 2019 before hiking rates again.”

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