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

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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