BOE Keeps Key Rate at Record Low as Oil Damps Inflation Path
- Central bank sees weaker consumer price pickup, slower growth
- Officials note market volatility, don't ring alarm bells
Bank of England Maintains Rate at Record-Low 0.5%
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Bank of England officials said the near-term outlook for U.K. growth and inflation has weakened further as they kept their key rate at a record low.
After a tumultuous start to 2016 for global markets and a slump in oil, eight of the nine members of the Monetary Policy Committee said keeping the benchmark at 0.5 percent for now would “best balance the risks” facing the economy. In the minutes of their January meeting, published in London on Thursday, officials said they need time to assess the implications of recent market volatility.