Bank of England signals August rate cut on #Brexit

Indians Second-Largest Migrant Group in UK

LONDON (TIP): The Bank of England kept its interest rate at 0.50 percent on Thursday, but signalled a possible August cut in response to Britain’s vote to exit the EU.

At its first monetary policy meeting since the June 23 referendum vote on Brexit, the BoE also maintained the amount of cash stimulus pumping around the economy at £375 billion ($497 billion, 448 billion euros), it said in a statement. The central bank added that the majority of its nine policymakers supported looser monetary policy in its next decision due August 4.

“The precise size and nature of any stimulatory measures will be determined” next month, the statement said. BoE governor Mark Carney has warned that Britain could fall into recession as businesses delay new projects because of the shock referendum result.

At July’s meeting on Wednesday, only one member of the Monetary Policy Committee (MPC), Gertjan Vlieghe, voted for a cut in the interest rate to a record-low 0.25 percent, while all members backed keeping quantitative easing (QE) stimulus at £375 billion.

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Volume 4 Issue 41 | Dallas | Oct 21

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