BOE surprises markets by holding rates, signals August loosening

London

THE Bank of England kept interest rates unchanged on Thursday, wrong-footing many investors who had expected the first cut in more than seven years with Britain's economy reeling from last month's vote to leave the European Union.

The BOE said it was likely to deliver stimulus in three weeks' time, possibly as a "package of measures", once it has assessed how the June 23 referendum decision has affected the economy, the world's fifth largest.