Bank of England holds interest rates in May

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This 849 word blog post examines the Bank of England’s Monetary Policy Committee decision to keep interest rates and quantitative easing on hold in May 2018, and also features the latest news on mortgage arrears and possessions in the first quarter of the year. Written on 10th May 2018.

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The Bank of England have kept interest rates on hold at 0.5% at their latest Monetary Policy Committee (MPC) meeting. The MPC voted by a majority of 7-2 to keep rates on hold this month, as it sets monetary policy designed to meet the Bank’s price inflation target of 2%. Along with the interest rate decision was a unanimous vote to maintain the current level of quantitative easing. This consists of £10bn of sterling non-financial investment-grade corporate bond purchases and £435bn of UK government bond purchases, both financed by the issuance of central bank reserves.