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MPC vote means Interest Rate holds steady

MPC vote means Interest Rate holds steady
The UK's Monetary Policy Committee has chosen to keep interest rates at its current 0.5pc level.

Led by Mark Carney, the MPC voted 8-1 to keep rates unchanged, citing pragmatism in the face of the outcome of the EU Referendum Leave vote.

However, the MPC raised its expectation for economic growth in the three months to June to 0.5% from a previous forecast of 0.3%.

The MPC will monitor the economy in the coming month before a full assessment is made in August - when an interest rate is more likely to occur.

Financial markets had priced in an 80% chance of the Bank cutting rates.

The Bank said: "The precise size and nature of any stimulatory measures will be determined during the August forecast and Inflation Report round."

Angus Armstrong is the director of macroeconomics at the National Institute of Economic and Social Research. He said: "The lack of clear direction is more likely to add to economic uncertainty and therefore be detrimental to demand and the economy."