Bank of England maintains rates, voices optimism on recovery

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LONDON (AP) – The Bank of England will keep interest rates on hold and has grown more optimistic about the economic recovery in the U.K. as a result of the rapid rollout of coronavirus vaccines.

In a prepared statement Thursday, the nine-member Monetary Policy Committee said it will maintain the bank’s main interest rate at 0.1%. The unanimous and widely anticipated decision means that interest rates will remain at the lowest level in the bank’s 327-year history.

Alongside its decision, the bank’s rate-setting panel said growth is likely to be greater than it previously thought in the coming quarters largely due to the rapid rollout of COVID-19 vaccines, and that the easing of lockdown restrictions should spur consumer spending.

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