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United Kingdom Elections

The Bank of England will keep rates

The Bank of England will keep its principal interest rate on hold at 0.75 while waiting for more clarity on Britain's exit from the European Union.

The nine-member Monetary Policy Committee of the central bank has been reluctant to move interest rates for more than a year given the great uncertainty surrounding Brexit. Britain's general elections on December 12 have the potential to affect the outcome of Brexit.

The stagnation of Brexit is increasingly affecting the economy and it is predicted that the central bank will lower its growth forecast for next year from the previous 1.3 in large part due to the weakness in business investment.

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