Europe

Bank of England opts against rate cut despite Brexit vote

  • Buses and pedestrians pass the Bank of England in London on Thursday July 14, 2016. The Bank of England surprised financial markets by opting against cutting interest rates on Thursday, despite clear evidence of the initial economic damage caused by the country’s vote last month to leave the European Union. (AP Photo/Adela Suliman)

    Buses and pedestrians pass the Bank of England in London on Thursday July 14, 2016. The Bank of England surprised financial markets by opting against cutting interest rates on Thursday, despite clear evidence of the initial economic damage caused by the country’s vote last month to leave the European Union. (AP Photo/Adela Suliman)  (The Associated Press)

  • A bus carries passengers past the Bank of England in London on Thursday July 14, 2016. The Bank of England surprised financial markets by opting against cutting interest rates on Thursday, despite clear evidence of the initial economic damage caused by the country’s vote last month to leave the European Union.  (AP Photo/Adela Suliman)

    A bus carries passengers past the Bank of England in London on Thursday July 14, 2016. The Bank of England surprised financial markets by opting against cutting interest rates on Thursday, despite clear evidence of the initial economic damage caused by the country’s vote last month to leave the European Union. (AP Photo/Adela Suliman)  (The Associated Press)

  • FILE - In this Thursday, June 30, 2016 file photo, The governor of the Bank of England Mark Carney gives a press conference in the City of London. The Bank of England kept interest rates on hold and refrained from injecting more money into the economy Thursday, July 14, despite concerns over the economic impact of Britain’s decision to leave the European Union. (AP Photo/Matt Dunham, Pool)

    FILE - In this Thursday, June 30, 2016 file photo, The governor of the Bank of England Mark Carney gives a press conference in the City of London. The Bank of England kept interest rates on hold and refrained from injecting more money into the economy Thursday, July 14, despite concerns over the economic impact of Britain’s decision to leave the European Union. (AP Photo/Matt Dunham, Pool)  (The Associated Press)

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.