LONDON (AP) — The Bank of England has kept its main interest rate at the record low of 0.1%.
In a prepared statement Thursday accompanying its decision, the bank's rate-setting Monetary Policy Committee voted unanimously to keep borrowing rates unchanged.
The committee said it “does not intend to tighten monetary policy at least until there is clear evidence that significant progress is being made in eliminating spare capacity and achieving the 2% inflation target sustainably.”
Inflation in the U.K. rose in the year to May to 2.1%, above the bank's target of 2%.
© Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.