Bank of England Retains Key Interest Rate As Expected

(RTTNews) - Thursday, the Bank of England, or BoE retained its key interest rate for the fifth straight session, as expected.

The central bank said in its report that the Monetary Policy Committee maintained the official Bank Rate paid on commercial bank reserves at 5%.

The central bank is set to publish the minutes of the rate setting session on September 17.

In its August meeting, policymakers were split three ways for the second straight session. Tim Besley, a hawkish member preferred an increase of 25 basis points, while the arch dove David Blanchflower sought a quarter-point cut.

In July, UK annual inflation continued to increase and reached a new record high of 4.4% on higher food and energy prices and stayed well above the official target of 2%. On the hand, recent data showed that the economy stagnated in the second quarter.

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