UK central bank votes to keep interest rates at 0.75%, and warns that Brexit is making economic data volatileLatest: Bank leaves rates on hold......and warns against `entrenched uncertainty´Earlier:OECD cuts 2019 and 2020 growth forecastsLast night, Federal Reserve cut rates by 25 basis points.....and was called gutless by Donald Trump 12.17pm BST Newsflash: The Bank of England has warned that the economy would suffer from another Brexit delay.It points out that uncertainty over Britain´s future has already hurt the economy....and further confusion would not help.For most of the period following the EU referendum, the degree of slack in the UK economy has been falling and global growth has been relatively strong. Recently, however, entrenched Brexit uncertainties and slower global growth have led to the re-emergence of a margin of excess supply.....It is possible that political events could lead to a further period of entrenched uncertainty about the nature of, and the transition to, the United Kingdom´s eventual future trading relationship with the European Union.NEW - Dovish Bank of England keeps rates and asset purchases on hold, but also indicates rates lower for longer in `further period of entrenched uncertainty`.Bank included new language about `political events` leading to continued uncertainty, against weak global background, meaning slower growth and inflation.Also specifically refers to the passing of the Benn Bill in minutes lowering perceived chance of No Deal/ affecting markets- Bank continues to describe No Deal as leading to another sterling fall, rise in inflation, and slower economy - but that the Benn Bill has lowered market perceptions of it - rates up or down depending.A `smooth Brexit` ie deal would lead to `gradual and limited` rate rises. 12.08pm BST The Bank of England has also warned that `underlying growth´ in the UK has weakened, and cited weak business investment due to Brexit uncertainty.However, it also forecasts that GDP will rise ...
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