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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

August 06, 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 would continue with a target total stock of asset purchases of £745 billion.

The emerging evidence suggests that the global and UK activity has strengthened in recent months but remains below its 2019 Q4 level. According to MPC’s projection UK GDP continues to recover as social distancing eases and consumer spending picks up further. Business investment is expected to recover but somewhat slowly. Unemployment is expected to decline gradually from beginning of 2021 onwards. The MPC’s central projection implies that a margin of spare capacity is likely to remain until the end of next year. CPI inflation is below the 2 per cent target and is expected to fall further in coming quarters. CPI inflation is expected to be around 2 per cent in two years time. The risks to the outlook for GDP are judged to be skewed to the downside.

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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