In a move that has surprised nobody, the Bank of England has left interest rates at the historic low of 0.25%. The interest rate dropped last month in response to the referendum on the UK’s membership of the EU and the bank has hinted that rates may fall further in coming months. It was noted that the economy appeared to have shrugged-off the referendum surprise but the long term pace economic of economic growth had likely slowed. When the Monetary Policy Committee next meet in November, we could see rates fall to 0.1% although it is likely the bank will wish to avoid negative rates, fearful of the health of the financial system.

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