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Bank of England: disorderly Brexit risk reduced by EU talks progress

Thursday, Dec 14 2017
Bank of England: disorderly Brexit risk reduced by EU talks progress

Last week’s breakthrough in Brexit talks has reduced the risk of a disorderly British departure from the European Union and may boost economic confidence, the Bank of England said on Thursday after it left interest rates unchanged. BoE policymakers voted unanimously to keep rates at 0.5 percent, as expected, a month after raising them for the first time in more than a decade as inflation approached its highest level in nearly six years. Prime Minister Theresa May secured agreement from the European Commission last week that Britain had made sufficient progress in preliminary talks to move on to negotiating a transition agreement and a longer-term trade deal.

 

“This would reduce the likelihood of a disorderly exit, and was likely to support household and corporate confidence,” the BoE said, adding that it would consider progress on Brexit more closely when it updates its forecasts in February. The BoE’s Monetary Policy Committee stuck to its view from last month that interest rates were only likely to need to rise gradually. “The committee remained of the view that, were the economy to follow the path expected in the November Inflation Report, further modest increases in Bank Rate would be warranted over the next few years,” the BoE said.

Last modified on Thursday, 14 December 2017
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