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Entrepreneurs Panel

Brian Hay
Michael Oliver
Charlie Mullins
Debbie Pierce
Julie Meyer
Jennie Johnson
Steve Purdham
Richard O'Sullivan
Tony Caldeira
Laura Tenison
David Pollock
Jeremy Roberts

UK interest rates hold steady at 0.5%

The Bank of England has held interest rates at 0.5 per cent despite speculation that it would make a cut in response to economic uncertainty following the UK's vote to leave the EU.

The Bank's Monetary Policy Committee voted eight to one to keep the base rate at the record low set in March 2009.

However, the committee signalled that it could take action next month.

"Most members of the committee expect monetary policy to be loosened in August," the Bank said.

"The precise size and nature of any stimulatory measures will be determined during the August forecast and Inflation Report round."

Rain Newton-Smith, chief economist of the Confederation of British Industry, said: "Policymakers have several tools at their disposal, and have already taken some measures to pre-emptively ease liquidity bottlenecks and ensure finance continues to flow around the economy.

"Meanwhile, businesses will be looking for a commitment from the new Government to preserve the openness of our economy in terms of access to markets, skills and trade deals."

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