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02:02
Bank of England holds benchmark rate at 5 pct
STORY: Bank of England holds benchmark rate at 5 pct
SHOOTING TIME: Sept. 19, 2024/file
DATELINE: Sept. 20, 2024
LENGTH: 00:02:02
LOCATION: London
CATEGORY: ECONOMY
SHOTLIST:
1. various of London
2. various of Bank of England's rate meeting in August (file)
STORYLINE:
The Bank of England (BoE) has voted to hold its benchmark interest rate at 5 percent, the United Kingdom's (UK) central bank said in a statement on Thursday.
At its meeting ending on Wednesday, the BoE's Monetary Policy Committee (MPC) voted by a majority of 8-1 to leave the rate on hold. One member preferred to reduce the rate by 0.25 percentage points to 4.75 percent.
According to the statement, the BoE expected the UK economy to grow by around 0.3 percent per quarter in the second half of this year.
Latest data showed that the UK inflation was 2.2 percent in August, unchanged from July and still above BoE's 2 percent target. The inflation is expected to increase to around 2.5 percent towards the end of this year, said the BoE.
Xinhua News Agency correspondents reporting from London.
(XHTV)
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