BoE holds interest rates but hints at action in August

Sterling extends gains as the central bank awaits more economic data from the referendum aftermath

Bank of England governor Mark Carney
BoE Monetary Policy Committee: "Most members expected monetary policy to be loosened in August"

The Bank of England (BoE) unexpectedly held interest rates at its July meeting, with all but one member of the Monetary Policy Committee (MPC) voting for no change in the policy rate, despite market participants anticipating a rate cut at the MPC's first meeting since the UK voted to leave the European Union.

While the central bank did not ease its monetary policy, it hinted at further measures at the next meeting on August 4 in the press release accompanying the announcement to hold the key

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