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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

June 18, 2020
BANK OF ENGLAND MONETARY POLICY

The Bank of England announced today that the bank rate would continue to be 0.1 per cent. The Bank holdings of UK government bonds and sterling non-financial investment-grade corporate bonds will continue with a £200 billion and will increase the target stock of purchased UK government bonds by an additional £100 billion to a total stock of asset purchases of £745 billion.

The emerging evidence suggests that the fall in global and UK GDP in 2020 Q2 will be less severe than set out in the May Report.  However, it is difficult to make a clear inference about the recovery. The UK economy and labour market will take some time to recover towards its previous path due to precautionary behaviour by households and businesses after COVID-19 restrictions are relaxed. CPI inflation is below the 2 per cent target and is expected to fall further in coming quarters.

The MPC will continue to monitor the situation closely and stands ready to take further action as necessary to support the economy and ensure a sustained return of inflation to the 2 per cent target.

 

 

 

Bank of England: Monetary Policy



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