BoE Leaves Rates On Hold

The Bank of England surprised nobody by leaving UK interest rates on hold today. They also said that they will not be increasing QE until they've spent all last month's revised £175 billion.

That could take another two months they said (they should have got Mrs Nogger#1 on the case), leaving the door open for further increases down the line.

The move seemed to reassure the market, as some participants appear to have thought more QE was on the cards this month, with the pound immediately leaping to $1.6650 on the news and above 1.14 against the euro.

We now have to sit tight until Sept. 23rd to view the minutes of today's meeting.