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Bank of England maintains Bank Rate at 0.5% and the size of the Asset Purchase Programme at £375 billion Print E-mail
BOE | Written by Bank of England | Jul 04 13 11:21 GMT
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375 billion.
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(BOE) Bank of England Maintains Bank Rate at 0.5% and Increases Size of Asset Purchase Programme by £50 Billion to £375 billion Print E-mail
BOE | Written by Bank of England | Jul 05 12 11:10 GMT
The Bank of England's Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to increase the size of its asset purchase programme, financed by the issuance of central bank reserves, by £50 billion to a total of £375 billion. UK output has barely grown for a year and a half and is estimated to have fallen in both of the past two quarters. The pace of expansion in most of the United Kingdom's main export markets also appears to have slowed. Business indicators point to a continuation of that weakness in the near term, both at home and abroad. In spite of the progress made at the latest European Council, concerns remain about the indebtedness and competitiveness of several euro-area economies, and that is weighing on confidence here. The correspondingly weaker outlook for UK output growth means that the margin of economic slack is likely to be greater and more persistent.
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(BOE) Bank of England maintains Bank Rate at 0.5% and increases size of Asset Purchase Programme by £50 billion to £325 billion Print E-mail
BOE | Written by Bank of England | Feb 09 12 12:01 GMT

(BOE) Bank of England maintains Bank Rate at 0.5% and increases size of Asset Purchase Programme by £50 billion to £325 billion

The Bank of England's Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to increase the size of its asset purchase programme, financed by the issuance of central bank reserves, by £50 billion to a total of £325 billion.

In the United Kingdom, the underlying pace of recovery slowed during 2011, with activity falling slightly during the final quarter. Some recent business surveys have painted a more positive picture and asset prices have risen. But the pace of expansion in the United Kingdom's main export markets has also slowed and concerns remain about the indebtedness and competitiveness of some euro-area countries. A gradual strengthening of output growth later this year should be supported by a gentle recovery in household real incomes as inflation falls, together with the continued stimulus from monetary policy. But the drag from tight credit conditions and the fiscal consolidation together present a headwind. The correspondingly weak outlook for near-term output growth means that a significant margin of economic slack is likely to persist.

CPI inflation has fallen back from its September peak, declining to 4.2% in December. Inflation should continue to fall sharply in the near term, as the increase in VAT in January 2011 drops out of the twelve-month comparison. Inflation is then likely to decline further as the contribution of energy and import prices diminishes, while downward pressure from unemployment and spare capacity continues to restrain domestically generated inflation.

In the light of its most recent economic projections, the Committee judged that the weak near-term growth outlook and associated downward pressure from economic slack meant that, without further monetary stimulus, it was more likely than not that inflation would undershoot the 2% target in the medium term. The Committee therefore voted to increase the size of its programme of asset purchases, financed by the issuance of central bank reserves, by £50 billion to a total of £325 billion. The Committee also voted to maintain Bank Rate at 0.5%. The Committee expects the announced programme of asset purchases to take three months to complete. The scale of the programme will be kept under review.

The Committee's latest inflation and output projections will appear in the Inflation Report to be published at 10.30am on Wednesday 15 February.

The minutes of the meeting will be published at 9.30am on Wednesday 22 February.

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Bank of England Maintains Bank Rate at 0.5% and Increases Size of Asset Purchase Programme by £75 billion to £275 billion Print E-mail
BOE | Written by Bank of England | Oct 06 11 11:10 GMT
The Bank of England's Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to increase the size of its asset purchase programme, financed by the issuance of central bank reserves, by £75 billion to a total of £275 billion.
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(BOE) Minutes of Monetary Policy Committee Meeting on 6 and 7 October 2010 Print E-mail
BOE | Written by Bank of England | Oct 20 10 08:46 GMT
Having declined markedly in recent months, short and longer-term interest rates had been little changed since the previous MPC meeting, so that they remained close to historic lows. There were several possible explanations for the recent reduction in government bond yields: market expectations of additional asset purchases by central banks; a belief that policy rates would remain low for an extended period; heightened aversion to risk; and a prospective shortfall in global investment relative to desired saving. It seemed likely that all of these explanations had at their heart the prospect of softer growth in parts of the world economy than previously anticipated by market participants, and the authorities' possible reaction to it. So the impact of those supportive asset price movements needed to be set alongside the likely evolution of the growth outlook.
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(BOE) Quarterly Inflation Report August 2010 Print E-mail
BOE | Written by Bank of England | Aug 11 10 09:52 GMT
The recovery continued in the United Kingdom, with output growth across the first half of 2010 close to its historical average. But the level of economic activity remained well below its pre-crisis peak. The revival in the world economy also proceeded, albeit unevenly. The UK recovery is likely to continue, underpinned by the considerable monetary stimulus, further growth in global demand and the past depreciation of sterling. But the risks to growth remain weighted to the downside. Spare capacity is likely to persist over the forecast period, although its extent will depend on the strength of demand and the evolution of supply, both of which are uncertain.
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(BOE) Minutes of Monetary Policy Committee Meeting on 7 and 8 July 2010 Print E-mail
BOE | Written by Bank of England | Jul 21 10 08:48 GMT
Stresses in financial markets had persisted during the month. Measures of volatility and spreads on a range of riskier assets had remained high. These stresses had reflected in part continuing concerns among market participants about the ability of some euro-area countries to achieve necessary fiscal consolidation. Spreads between yields on German government bonds and those of a number of euro-area governments had remained elevated. Uncertainty about the scale of banks' exposures to sovereign debt, particularly within the euro area, had continued to impair bank funding markets. The costs of both interbank funding and of new bank bond issuance had remained elevated. Capital market issuance by banks had remained low. It was unclear to what extent the uncertainty would be resolved by the publication by the Committee of European Bank Supervisors of the results of stress tests designed to assess the resilience of the EU banking sector on 23 July.
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(BOE) Minutes of Monetary Policy Committee Meeting on 9 and 10 June 2010 Print E-mail
BOE | Written by Bank of England | Jun 23 10 08:53 GMT
The stresses in financial markets had been triggered by concerns among market participants about the ability of some euro-area countries to achieve necessary fiscal consolidation and had been only partially offset by the announcement of a package of measures by the EU, IMF and ECB on 10 May. The spread between yields on German government bonds and those of some peripheral euro-area governments had remained elevated over the month.
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(BOE) Minutes of Monetary Policy Committee Meeting on 4 and 5 February 2010 Print E-mail
BOE | Written by Bank of England | Feb 17 10 03:54 GMT
Weaker-than-expected macroeconomic data, including the preliminary release of UK GDP for the fourth quarter of 2009, had contributed to a decline in near-term sterling interest rate expectations over the month. Overnight index swap (OIS) rates twelve months ahead had fallen by around 25 basis points since the previous MPC meeting, and by almost 40 basis points since the Committee's November 2009 Inflation Report projections had been finalised. Medium and longer-term interest rates had also fallen slightly, partly unwinding the increases seen in previous months.
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(BOE) Bank of England Maintains Bank Rate at 0.5% Print E-mail
BOE | Written by Bank of England | Feb 04 10 07:26 GMT
The Bank of England
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