The Bank of England (BOE) maintained its benchmark Bank Rate at 0.5 percent and the stock of assets purchased at 375 billion pounds, as expected.
The BOE, which has held rates steady since March 2009, said in the minutes of its monetary policy meeting in June that it needed to see more evidence of economic slack being absorbed before an increase in the bank rate is warranted, a view that was unchanged from May.
The BOE issued the following brief statement:
"The Bank of England’s Monetary Policy Committee at its meeting today voted to maintain Bank Rate at 0.5%. The Committee also voted to maintain the stock of purchased assets financed by the issuance of central bank reserves at £375 billion.
The minutes of the meeting will be published at 9.30 a.m. on Wednesday 23 July."
END OF STATEMENT