Bank of England Governor, Mark Carney talks with British Chancellor of the Exchequer Philip Hammond during the G20 Finance Ministers and Central Bank Governors Meeting, Saturday, June 8, 2019, in Fukuoka, Japan. (Kim Kyung-hoon/Pool Photo via AP)

Bank of England keeps key interest rate on hold

June 20, 2019 - 7:05 am

LONDON (AP) — The Bank of England has kept its main interest rate on hold at 0.75% as rate-setters continue to await developments over Brexit.

All nine members of the rate-setting Monetary Policy Committee backed the decision to not change rates.

There had been some expectations in the markets that a couple of members were ready to vote for an increase in rates because of concerns that rising wages will lead to higher inflation.

Concerns about the economic outlook due to uncertainty surrounding Britain's departure from the European Union, scheduled for Oct. 31, is considered to be the main reason why the rates are staying on hold.

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