July 4, 2020, 5:30

Bank of England Maintains Key Rate at 0.75% Amid Brexit Preparations

Bank of England Maintains Key Rate at 0.75% Amid Brexit Preparations

MOSCOW (Sputnik) – The Bank of England said Thursday it was keeping the key rate at 0.75 percent amid preparations for Brexit, which could now be postponed beyond 29 March.

“At its meeting ending on 20 March 2019, the [Monetary Policy Committee] MPC voted unanimously to maintain Bank Rate at 0.75%”, the bank said in a press release.

The bank’s monetary police is tailored to a 2-percent inflation target, the press release said. The financial institution remarked that the monetary policy response to Brexit would not be “automatic”.

“Shifting expectations about the potential nature and timing of the United Kingdom’s withdrawal from the European Union have continued to generate volatility in UK asset prices, particularly the sterling exchange rate. Brexit uncertainties also continue to weigh on confidence and short-term economic activity, notably business investment”, the bank said.

Meanwhile, a no-deal outcome remains a legal possibility as the UK House of Commons has already rejected the withdrawal deal twice, despite the fact they voted in March to rule out a no-deal outcome.

The United Kingdom has recently asked for a Brexit extension until 30 June, instead of the original 29 March deadline. European Council president Donald Tusk said late on Wednesday that a short extension was only possible if the UK parliament passed the withdrawal agreement.

READ MORE: EU to Reportedly Reject UK PM May’s Request for Brexit Delay

Speaking about a no-deal scenario, UK Secretary of State for International Trade Liam Fox previously said that it would be “survivable”, but will affect the country’s business and economy, causing unnecessary disruption.

READ MORE: UK to Survive No-Deal Brexit, But Economy Disruptions Inevitable — Trade Min.

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