The Bank of England has kept interest rates on hold at 5.25 per cent for the second successive meeting but warned monetary policy will need to stay tight for “an extended period of time” despite a bleak economic outlook.
The central bank warned that growth would remain “well below historical averages” over the medium term, even as its forecasts signalled that inflation is set to remain more persistent than it previously expected.
BoE governor Andrew Bailey said the MPC would be watching “closely” to see if further rate rises were needed, adding: “It’s much too early to be thinking about rate cuts.”
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