Bank of England stands pat on interest rates

(Sharecast News) - The Bank of England stood pat on interest rates on Thursday, as widely expected. The BoE voted 6-3 to keep rates at a 15-year high of 5.25%, with Megan Greene, Jonathan Haskel and Catherine Mann all voting for a hike to 5.5%.

This marked the second meeting in a row that rates were left unchanged, after the Bank hiked 14 meetings in row from 0.1% in December 2021.

The BoE said it continues to expect GDP to grow by 0.5% this year, but downgraded its outlook for next year to zero growth from 0.5%.