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Bank of England Holds Rate at Record Low and Strengthens Brexit Warning
The Bank of England cut its growth forecasts and issued its strongest warning yet that a vote to leave the European Union would hurt the economy. With just six weeks to go until Britain’s referendum, the nine-member Monetary Policy Committee, led by Governor Mark Carney, said there were more signs it was weighing on growth and clouding the outlook. Officials unanimously agreed to maintain their benchmark rate at a record-low 0.5 percent. A vote to leave the EU “could lead to a materially lower path for growth and a notably higher path for inflation,” the central bank said in its quarterly Inflation Report. ... (full story)
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