Bank of England Keeps Policy Unchanged in October


In its October 9th meeting, the Bank of England’s Monetary Policy Committee voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5 percent. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375 billion.

The Committee reached its decisions in the context of the monetary policy forward guidance announced alongside the publication of the August 2013 Inflation Report. The Bank will continue to offer to purchase high-quality private sector assets on behalf of the Treasury, financed by the issue of Treasury bills, in line with the arrangements announced on 29 January 2009 and 29 November 2011.

The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.5 percent on 5 March 2009. A programme of asset purchases financed by the issuance of central bank reserves was initiated on 5 March 2009. The previous change in the size of that programme was an increase of £50 billion to a total of £375 billion on 5 July 2012.

Bank of England Keeps Policy Unchanged in October


BoE | Nuno Fontes | nuno@tradingeconomics.com
10/10/2013 12:18:43 PM