LONDON – The Bank of England kept interest rates on hold and refrained from injecting more money into the economy, despite concerns over the economic impact of Britain's decision to leave the European Union.
The decision was a surprise — most economists had expected the central bank to cut its main interest rate from the record low of 0.5 percent to shore up the economy.
The bank's Monetary Policy Committee also chose to keep its asset-purchase program unchanged at 375 billion pounds. The nine-member panel did hint it will loosen policy in August when it will have fresh forecasts about the state of the British economy.
"The precise size and nature of any stimulatory measures will be determined during the August forecast and Inflation Report round," it said in its statement Thursday.