In a widely expected decision, the Bank of England's Monetary Policy Committee held the policy rate unchanged at 0.75% with a unanimous vote. The asset purchase facility remained steady at €435 billion as well. Below are some key takeaways from the monetary policy statement.
Since the Committee’s previous meeting, the news in economic data has been mixed, but the MPC's February Inflation Report projections appear on track.
The broad-based softening in global GDP and trade growth has continued.
Shifting expectations about the potential nature and timing of the United Kingdom’s withdrawal from the European Union have continued to generate volatility in UK asset prices, particularly the sterling exchange rate.