Bank of England holds rates amid acute Brexit uncertainties

Bank of England holds rates amid acute Brexit uncertainties
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LONDON — The Bank of England has kept its main interest rate unchanged at 0.75% as rate-setters await developments on the Brexit front.

The nine members of the Monetary Policy Committee all voted in favour of keeping rates unchanged.

In a statement Thursday, rate-setters said developments related to Britain’s departure from the European Union — due on Oct. 31 — are making economic data “more volatile.”

They warned that in the event the country leaves the EU without a deal then the exchange would likely fall, while inflation would rise and growth would slow.

The longer Brexit uncertainties last, the more likely it is that growth will fall further below potential, they added.

The Associated Press

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