Unic Press UK: The Monetary Policy Committee (MPC) of the Bank of England voted Wednesday, and unanimously decided to maintain the Bank Rate at 0.1% as it continues with monetary policies aimed to meet the 2% inflation target, the ‘Monetary Policy Summary and minutes of the Monetary Policy Committee meeting ending on 6 May 2020’ read.
The MPC also voted that the Bank of England should continue with the programme of £200 billion of UK government bond and sterling non-financial investment-grade corporate bond purchases, financed by the issuance of central bank reserves, to take the total stock of these purchases to £645 billion.
The Bank said that the spread of COVID-19 cum the measures to contain it are having a significant impact on the United Kingdom and many countries around the globe, with a sharp fall on activities and a marked rise in unemployment.
Further economic outcomes will be a function of the evolution of this virus pandemic, and how governments, households and businesses respond to this public health emergency, the Monetary Policy Committee (MPC) of the Bank of England added.
