On Thursday 30 January the Bank of England Monetary Policy Committee (MPC) voted to keep interest rates on hold at 0.75%. The MPC decided the improvement in business sentiment since the general election made an immediate cut unnecessary.
The Bank outlined that the latest data suggests that uncertainty facing businesses has fallen, and that global growth has stabilised. The MPC expects uncertainty to fall further and global growth to pick up. The Governor of the Bank, Mark Carney, said:
“To be clear these are still early days and it’s less of a case of so far so good than so far good enough”.