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March 21, 2019BANK OF ENGLAND MONETARY POLICY The Bank of England's Monetary Policy Committee (MPC) voted to maintain the Bank Rate at 0.75 per cent. The MPC also voted to maintain the stock of UK non-financial corporate bonds stock at £10 billion and the stock of UK government bond purchases at £435 billion. The economic outlook depends significantly on the new trading arrangements between European Union and the United Kingdom with the Bank of England previously noting that the appropriate path of monetary policy will depend on economy adjustment to these events.
Recent economic news has been mixed, but previous projections for the economy appear on track with a weaker near-term leading to small margin of slack developing in 2019. The softening of global GDP and trade growth has continued but global financial conditions have eased in part due to more accommodative monetary policies. The changing nature and timing of the United Kingdoms withdrawal from the EU has resulted in volatility for asset price and exchange rate. Uncertainties continue to weight on confidence and business investment. Employment in the UK has been strong and consumer spending shows ongoing modest growth.
CPI inflation was 1.9 per cent in February and is expected to remain close to the 2 per cent target in the short-term. The labour market remains tight and annual pay growth has been rising by around 3.5 per cent. However, weakens in productivity growth has resulted in rising unit wage costs.
Bank of England
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