The Bank of England opted to keep interest rates on hold at 0.75% on Thursday, citing the stronger than expected performance of the UK economy.

The UK’s central bank said that it now expects growth of 1.5% this year, up from the 1.2% forecast in February.

With respect to inflation, the Bank of England said that it expects inflation to fall to 1.6% towards the end of the year, before rising again back to 2% the follow year.

The bank also forecast the unemployment rate to fall to 3.5% by 2022.

We have kept interest rates at 0.75%. Find out why in our visual summary: https://t.co/NErJey2wDI #InflationReport pic.twitter.com/e66OrM3Owm

— Bank of England (@bankofengland) May 2, 2019

https://platform.twitter.com/widgets.js Earlier this month it was announced the Bank of England had commenced the search to replace current governor Mark Carney.

The government has publicly advertised the portion, with a salary of £480,000.

The new governor will be tasked with taking over form Carney in January 2020.

They will be tasked with steering the bank during a time of economic uncertainty, particularly amid ongoing Brexit negotiations.

The chancellor, Phillip Hammond said in comments to the Commons Treasury select committee:

“It is very important to have someone, not only who can do a first-class job at home, but someone who commands respect in the international arena,”