Northumbria university, University in Newcastle upon Tyne, England

London, June 25 The Bank of England (BoE) has announced an unchanged interest rate at 0.1 per cent, despite prediction of inflation being temporarily above its 2 per cent target in the months ahead.In a report issued by the BoE on Thursday, it's Monetary Policy Committee (MPC) voted unanimously to maintain bank rate at 0.1 per cent at its meeting ending on Tuesday, reports Xinhua news agency.The committee voted by a majority of eight to one to continue with its existing program of the government bond purchases, maintaining the target for the stock of these government bond purchases at 875 billion pounds and so the total target stock of asset purchases at 895 billion pounds, said the report.The bank said that the UK's gross domestic product (GDP) was expected to recover strongly over 2021 to pre-pandemic levels, adding that "output in a number of sectors is now around pre-Covid levels, although it remains materially below in others."In addition, the bank said the consumer price index (CPI) inflation was projected to rise "temporarily above the 2 per cent target", being likely to exceed 3 per cent for a temporary period, mainly due to developments in energy and other commodity prices, said the report."As these transitory effects faded, conditioned on the market path for interest rates, inflation was expected to return to around 2 per cent in the medium term," said the bank.Noting that near-term upward pressure on prices is likely larger than expected, the bank said taking together the evidence from financial market measures and surveys of households, businesses and professional forecasters, the committee judged the inflation expectations "remain well anchored".According to figures released by the British Office for National Statistics (ONS) earlier this month, the UK's 12-month inflation rate jumped to 2.1 per cent in May 2021, above the central bank's 2 per cent target for the first time since July 2019.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Northumbria UniversityFOLLOW

Northumbria university, Latest News

Indian women's ODI skipper Mithali Raj feels the side needs to address the issue of dot balls before the visitors play against England in the second ODI. ...

Half-centuries from Tammy Beaumont and Natalie Sciver helped England women's team register an easy win over India in the first ODI on Sunday. ...

London, June 27 June 27 Bollywood actress Athiya Shetty who is rumoured to be having a strong ... ...

Heather Knight-led England won the toss and opted to bowl first against India in the first ODI of the three-match series here at the County Ground, Bristol on Sunday. ...

London, June 27 Adults in England will now be able to get a Covid-19 vaccine without an appointment ... ...

London, June 27 Adults in England will be able to get a Covid-19 vaccine without an appointment at ... ...

London, June 26 England will find it tough to beat India in the five-Test series in August-September since ... ...

London, June 25 The Bank of England (BoE) has announced an unchanged interest rate at 0.1 per cent, ... ...