BoE holds interest rates steady at 3.75%

The Bank of England (BoE) has left interest rates steady at their 48-year low of 3.75 per cent for the third month running.

The Bank of England (BoE) has left interest rates steady at their 48-year low of 3.75 per cent for the third month running.

Market analysts had been split on whether the BoE would cut this month, with a Reuters poll this week putting the chances of a reduction at 51 per cent.

Many economists had expected that the pound's sharp fall - it hit a six-year trade-weighted low yesterday - would stay the central bank's hand as it prepared its quarterly inflation forecasts for next week.

But others said that weaker growth prospects meant the bank's nine-strong Monetary Policy Committee would take action immediately. The BoE last cut rates in February by a quarter-point, a decision that took markets by surprise.

  • Join The Irish Times on WhatsApp and stay up to date

  • Sign up for push alerts to get the best breaking news, analysis and comment delivered directly to your phone

  • Listen to In The News podcast daily for a deep dive on the stories that matter