Bank of England holds rates steady as economic gloom abates

AP News
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Posted: Sep 15, 2016 7:08 AM

LONDON (AP) — The Bank of England has kept its main interest rate unchanged at the record low of 0.25 percent after a run of solid economic news that has helped ease concerns over the immediate impact of the country's decision to leave the European Union.

The decision was widely anticipated after last month's series of measures by the bank's policymaking body that included a quarter-point interest rate cut.

Since then, there's been a raft of data pointing to the British economy holding up better than anticipated by many in the wake of the Brexit vote.

In a statement accompanying Thursday's decision, the Monetary Policy Committee said news on the near-term momentum of the economy had been "slightly to the upside" relative to its most recent projections.