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BOE signals rate can stay low as inflation weakness persists

Published Thu, Oct 8, 2015 · 09:50 PM

London

BANK of England policymakers said the UK economy is withstanding international pressures, while also signalling they have room to keep the benchmark rate at a record low as inflation weakness persists.

In the minutes of its October meeting, the Monetary Policy Committee weighed risks of a further global slowdown against resilient domestic demand and consumer spending. It said the near-term outlook for inflation had weakened since August and price growth will probably stay below one per cent until spring 2016. Officials voted 8-1 to keep the key rate at 0.5 per cent, with Ian McCafferty maintaining his call for an increase.

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