The Bank of England has given no sign that it will be raising interest rates before the end of the year, citing the continuing near-zero inflation as the reason for keeping a rate rise on hold.
This is in contrast with Janet Yellen’s comments yesterday, signalling that the US Federal Reserve are on track to raise rates in December.
Again, only one lone B of E policymaker voted to raise interest rates this month. In a press conference, the B of E also cut its forecast for economic growth for this year and 2016.
Mark Carney said: “The outlook for global growth has weakened since the August Inflation Report. There remain downside risks to this outlook, including that of a more abrupt slowdown in emerging economies.”
The interest rate will remain at its record low of 0.5 percent, where it has been since 2009.
