Bank Rate held at 0.1% with unanimous vote

Industry News | 04/02/21

The Bank of England’s Monetary Policy Committee has voted unanimously to maintain Bank Rate at 0.1%.

GDP growth slowed in Q4 2020, as a rise in Covid cases and consequent restrictions to contain the spread of the virus weighed on economic activity.

The impact on the economy is not expected to be as severe as in Q2 2020, during the UK’s first lockdown. GDP is expected to fall by around 4% in Q1 2021, in contrast to expectations of a rise in the Committee’s November Report.

Source: Financial Reporter