Bank of England keep rates at 15-year high, rules out quick cuts to help economy
© Reuters. FILE PHOTO: A pedestrian walks past the Bank of England in the City of London, Britain, September 25, 2023. REUTERS/Hollie Adams/File PhotoLONDON, Nov 2 - The Bank of England held interest rates at a 15-year peak as it kept up its fight against the highest inflation among the world's big rich economies, and it stressed that it did not expect to cut them any time soon.
"The MPC's latest projections indicate that monetary policy is likely to need to be restrictive for an extended period of time," the BoE said."Further tightening in monetary policy would be required if there were evidence of more persistent inflationary pressure." "We've held rates unchanged this month, but we'll be watching closely to see if further rate increases are needed. It's much too early to be thinking about rate cuts."
The central bank said it now expected Britain's economy to have flat-lined in the July-September period and to grow by just 0.1% in the fourth quarter, with zero growth forecast for 2024 and an expansion of just 0.25% in 2025.
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Bank of England holds rates in 6-to-3 voteSteven Goldstein is based in London and responsible for MarketWatch's coverage of financial markets in Europe, with a particular focus on global macro and commodities. Previously, he was Washington bureau chief, directing MarketWatch's economic, political and regulatory coverage. Follow Steve on Twitter: MKTWgoldstein.
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