Market Updates
BoE on Hold on Rates, Bond Purchase Plan
123jump.com Staff
10 Dec, 2009
New York City
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The Bank of England left its key rate to 0.5% and its
[R]8:30 AM New York – The Bank of England left its key lending rate to 0.5% and left its £220 billion in place. Governor King may be forced to increase bond purchases at the next meeting if economy does not show signs of improvement. Ireland proposed to cut government employees salaries to trim 11.7% budget deficit.[/R]
The Bank of England left its key lending rate unchanged at 0.5% and did not revise its plan to purchase £220 billion of government bonds.
Governor Mervyn King left the door open for increasing the bond purchase in the future. Only £15 billion of the program is available and economists in London estimate that if economy does not improve in the next three months the central bank will be forced to take steps.
The central bank’s response has been very different from other banks in the region. The European Central Bank and central bank in Switzerland have begun to scale back their bond purchase plans.
Ireland’s government said it plans to cut salaries of employees including nurses, teachers and police and emergency staff to lower its swelled budget deficit of 11.7%.
Iceland also lowered its key lending rate to 10%.
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