🚨 BREAKING 🚨 BOE hikes policy rate by 25 bps to 4.25% in March as expected 🔴 Follow our live coverage here!
Following its September policy meeting, the Bank of England announced that it raised the policy rate by 50 basis points to 2.25%. Although this decision came in line with the market expectation, futures markets were pricing in a strong chance of a 75 bps hike.The UK has formally left the EU on January 31, 2020. However, Britain remains in a transition period, retaining most rights and obligations throughout the transition period which expires at the end of the year.
UK Prime Minister Boris Johnson has ruled out extending the implementation phase despite the COVID-19 pandemic. The deadline to request for such a prolongation passed on June 30. Without an accord, Britain will shift to World Trade Organization rules in 2021, an outcome seen as unfavorable for both sides, and especially the UK.
Several rounds of face-to-face and online talks have failed to yield substantial progress, with London and Brussels unable to reach a"landing zone" on fisheries, regulation, and a"level-playing field" – the EU's demand that the UK follows its rules in return for easy market access. Several political analysts expect to see progress only close to year-end.Founded in 1694, the Bank of England is the central bank of the United Kingdom.
The Bank of England is responsible for keeping the UK’s economy on the right track. They operate monetary policy by moving Bank Rate up and down and, in certain circumstances, we also supplement this with measures such as quantitative easing.
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