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Bank of England keeps base rate at 0.75 per cent

The Bank of England’s monetary policy committee has voted unanimously to keep the base rate at 0.75 per cent.

The rate has stayed at this level since it was raised from 0.50 per cent in early August last year.

The MPC, according to the minutes, believes that the economic outlook hinges “significantly” on Brexit, and is prepared to respond to its outcome in a way that “would not be automatic and could be either direction.”

Santander chief economist Frances Haque says: “The decision to hold rates was widely expected by both the market and commentators, given the continued uncertainty around Brexit.”

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