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3rd February 2017
BofE upgrades UK growth forecasts and keeps rates unchanged

The Bank of England’s Monetary Policy Committee (MPC) has voted unanimously to leave monetary policy unchanged. The bank’s main interest rate will remain at its record low of 0.25 per cent and it will continue with its planned purchase of corporate bonds, which will rise to £10bn over the next year. The bank have also upgraded growth forecasts for the next three years, predicting 2 per cent this year- up from November’s 1.4 per cent forecast, based on forecasts that consumer spending will slow less quickly this year than was predicted in November, despite rising inflation. The pound, which had rallied after MPs late Wednesday voted in favour of giving the Prime Minister power to trigger Article 50, fell on the news. The FTSE 100 index was trading higher after the news that the UK economy will grow substantially faster than its downgraded forecasts made after the Brexit vote in June.