Bank of England holds rates steady amid rising global risks
BOE officials had previously talked of the need for higher borrowing costs in the not-too-distant future, but Governor Mark Carney announced that the central bank's Monetary Policy Committee had voted to hold rates at 0.75%.
Sterling extended its losses against the euro in reaction to the news, falling 0.4% to 89.09 pence, while also falling from 1.2723 to 1.2694 against the dollar. The decision indicated that the BOE is not planning to reverse direction in accordance with other major central banks, which have set a more dovish tone this week. At the May second-quarter Inflation Report meeting, Carney suggested that markets were underpricing the central bank's rate trajectory, insisting that the next move would be up.
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