United Kingdom Monetary Policy

United Kingdom

BoE keeps policy rate unchanged in September

At its 3-4 September meeting, the Monetary Policy Committee (MPC) decided to keep the Bank Rate at 0.5% and the stock of asset purchasing at €375 billion. Both of the decisions were unanimously accepted by the committee members.

All nine members of the MPC agreed that none of the three knockout conditions - which would invalidate the forward guidance introduced at the 3-4 July monetary policy meeting - had been breached. However, "members had different views about the extent to which a further loosening of the monetary stance might be warranted," if the economy continues to gain momentum. The next monetary policy meeting is scheduled for 10 October.

All of the FocusEconomics Consensus Forecast panelists expect the BoE to leave interest rates unchanged at 0.50% this year. For next year, the majority of panelists also expect the BoE to stay put, resulting in a year-end projection of 0.54%.

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United Kingdom Monetary Policy Chart

United Kingdom Monetary Policy September 2013

Note: Bank rate in %.
Source: Bank of England (BoE).

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