The Bank of England chose to keep the policy rate on hold today at 0.75%, with the economy continuing to develop roughly as policy-makers expect.
Recent macroeconomic data implies the central bank’s forecasts are currently “on track”. The UK saw moderate GDP growth of 0.4% in the second quarter, unemployment falling to 4%, and high numbers of vacancies, which point to a “very limited degree of slack” in the economy. Inflation was 2.5% in July.
Highlighting the need for caution, the monetary
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