Bank of England policymakers unanimously decided to retain the record low UK interest rate and quantitative easing amid a third lockdown to curb the coronavirus.

The nine-member monetary policy committee headed by Governor Andrew Bailey voted to hold the interest rate at 0.10 percent and the quantitative easing at GBP 895 billion.

On negative interest rate, the MPC said it did not wish to send any signal that it intended to set a negative Bank Rate at some point in the future. It concluded overall that it would be appropriate to start the preparations to provide the capability to do so if necessary in the future.

The economy is expected to fall by around 4 percent in the first quarter of 2021, in contrast to expectations of a rise in the November Report.

According to latest Monetary Policy Report, GDP is projected to recover rapidly towards pre-Covid levels over 2021, as the vaccination programme is assumed to lead to an easing of Covid-related restrictions and people’s health concern.

Consumer price inflation is forecast to rise quite sharply towards the 2 percent target in the spring, as the reduction in VAT for certain services comes to an end and given developments in energy prices.

Inflation is projected to be close to 2 percent over the second and third years of the forecast period.

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.