06 Aug Bank of England: Economy still set for record slump as rates held | Business News
The Bank of England has said the UK is still set for a record economic slump as it left the interest rate unchanged at 0.1% .
The central bank’s nine-strong Monetary Policy Committee (MPC) voted unanimously to hold rates, as it warned that it expects UK unemployment to jump to 7.5% by the end of the year.
The MPC said its central projection forecasts that GDP will continue to recover in the near-term, but is not expected to exceed its levels from the end of 2019 until at least the end of 2021.
Rates have already been slashed twice, from 0.75%, since mid-March as part of the bank’s efforts to try and keep the economy afloat.