BOE drops rate cut plans after Brexit hit to sterling

London

THE Bank of England scrapped plans to cut interest rates and said they could move in either direction as it ramped up its forecasts for growth and inflation in 2017 following sterling's slide after the Brexit vote.

Sterling rose and British government bond prices fell sharply as the BOE shifted to a neutral stance on what its next move on interest rates would be.

The central bank, which has come under heavy political criticism for its near-zero rates,…