At its 3-4 October meeting, the Bank of England (BoE) maintained its policy stance, leaving the Bank Rate unchanged at 0.50% and the volume of its asset purchase programme - commonly referred to as quantitative easing (QE) - at a total of GBP 375 billion. Both decisions were in line with market expectations, as the QE expansion of GBP 50 billion announced by the Bank in July is expected to take another month to be completed. According to the minutes, the Monetary Policy Committee (MPC) voted unanimously in favour of both, leaving the Bank rate unchanged at 0.50% and maintaining the asset purchase programme at its current size.
United Kingdom Monetary Policy
Bank of England stays put waiting for QE purchases to be completed
October 17, 2012
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United Kingdom Monetary Policy Chart
Note: Bank rate in %.
Source: Bank of England (BoE).
United Kingdom Economic News
October 21, 2016
Following nearly four months of little or no news regarding formal negotiations with the European Union, in early October, Prime Minister Theresa May finally shed some light on the Brexit timeline and announced that Article 50 of the Lisbon Treaty will likely be triggered before the end of March 2017.
October 19, 2016
In September, jobless claims increased by 700 from the previous month, according to the Office for National Statistics (ONS).
October 18, 2016
In September, consumer prices increased 0.2% from the previous month, which came in below the 0.3% increase seen in the previous month.
October 8, 2016
In August, industrial production contracted 0.4% over the previous month in seasonally-adjusted terms, which contrasted the 0.1% increase recorded in July.
October 3, 2016
In September, the manufacturing sector recovered the ground it had lost after the EU referendum.