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Bank of England keeps base rate at 0.75%

The Bank of England’s monetary policy committee has voted unanimously to keep the base rate at 0.75 per cent.

The rate has stayed at this level since it was raised from 0.50 per cent in early August last year.

Minutes show that the committee sees downside risks to growth as having increased in the face of greater global trade tensions and, closer to home, the perceived likelihood of a no-deal Brexit having risen.

The committee adds that it expects a flat GDP figure in Q2 2019 following Q1’s 0.5 per cent growth rate, in part due to companies maintaining their existing stock levels after building them up in the run up to the former Brexit deadline.

Any future rate changes “could go in either direction” and depend on the form that leaving the EU takes, the BoE adds.

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