{"id":145583,"date":"2017-07-28T03:25:09","date_gmt":"2017-07-27T17:25:09","guid":{"rendered":"https:\/\/www.gomarketingteam.com\/auarticles\/the-bank-of-england-rate-decision\/"},"modified":"2021-03-09T14:42:06","modified_gmt":"2021-03-09T03:42:06","slug":"the-bank-of-england-rate-decision","status":"publish","type":"post","link":"https:\/\/www.gomarkets.com\/en\/articles\/central-banks\/the-bank-of-england-rate-decision\/","title":{"rendered":"The Bank of England Rate Decision"},"content":{"rendered":"

The Bank of England<\/a>\u00a0on the 3rd<\/sup> August, will announce whether they will increase, decrease or maintain the key interest for the United Kingdom. In this article we will look ahead with some industry experts and see how the UK economy performed last quarter.<\/p>\n

Who decides the rates?<\/strong><\/h2>\n

Interest rates are set by the Bank of England\u2019s Monetary Policy Committee<\/a> which is made of nine members \u2013 The Governor, the three Deputy Governors for Monetary Policy, Financial Stability and Markets & Banking, the Banks\u2019s Chief Economist and four external members appointed directly by the Chancellor.<\/p>\n

Expectations<\/strong><\/h2>\n

According to Bank of England\u2019s Deputy governor<\/a> Ben Broadbent it is unlikely that the current interest rate of 0.25% will be raised on 3rd<\/sup> August as the directions of the UK economy remains unclear. Mr Broadbent is a close ally to the Bank of England governor Mark Carney, who in a recent interview said he was not ready to raise interest rates.<\/p>\n

\n

\u201cIn my opinion, it is a bit tricky at the moment to make a decision (to raise the interest rates). I am not ready to do it yet\u201d.<\/em><\/h4>\n<\/blockquote>\n

 <\/p>\n

Bank of England rate history in the last 10 years<\/strong><\/h2>\n
\"bank
Source Bank of England<\/figcaption><\/figure>\n

Economy<\/strong><\/p>\n

The UK GDP (Gross Domestic Product) was estimated to have increased by 0.3% in Quarter 2 (April to June) 2017. The growth in Quarter 2 was driven mainly by services, which grew by 0.5% compared to 0.1% growth in Quarter 1 (January to March) 2017.
\nThe largest contributors to growth in services were retail trade and film production and distribution. Construction and manufacturing were the biggest downward pulls on quarterly GDP growth after two consecutive quarters of growth.
\nGDP per head was estimated to have increased by 0.1% during Quarter 2 2017.<\/p>\n

\"UK
Source: Office for National Statistics<\/figcaption><\/figure>\n

 <\/p>\n

Financial Markets<\/strong><\/h2>\n

The Pound<\/strong><\/p>\n

The Pound has been at a steady level for the past few weeks, on 16th<\/sup> July reaching its highest level against the US Dollar since September 2016. Most experts predict the rates to remain at the same level in the upcoming Bank of England meeting. The markets would have priced in the outcome already.<\/p>\n

\"Pound
GBP\/USD Source: Wixad MT4<\/figcaption><\/figure>\n

Since reaching record highs back in May, the FTSE100 has remained around the same level with no major movement in the Index in the recent weeks.<\/p>\n

\"FTSE100
FTSE 100 Source Wixad MT$<\/figcaption><\/figure>\n

Remaining Monetary Policy Committee meeting dates in 2017<\/strong><\/p>\n

\"Monetary<\/p>\n

The New Note<\/strong><\/h2>\n

On 18th<\/sup> July 2017, the Bank of England unveiled the new \u00a310 note which will be issued on 14th<\/sup> September 2017. The \u00a310 note which features author Jane Austen<\/a>, will be larger than the new \u00a35 note but smaller than the current \u00a310 note and will is made of plastic and has traces of animal fat.<\/p>\n

\n

Speaking at Winchester Cathedral, the resting place of Jane Austen, the Governor Mark Carney said\u201cOur banknotes serve as repositories of the country\u2019s collective memory, promoting awareness of the United Kingdom\u2019s glorious history and highlighting the contributions of its greatest citizens\u201d<\/em>.<\/h4>\n<\/blockquote>\n
\"new
The New Ten \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Source<\/strong> Bank Of England<\/figcaption><\/figure>\n

The new \u00a310 note celebrates Jane Austen\u2019s<\/a> work.\u00a0 Austen\u2019s novels have a universal appeal and speak as powerfully today as they did when they were first published.\u00a0 The new \u00a310 will be printed on polymer, making it safer, stronger and cleaner.\u00a0 The note will also include a new tactile feature on the \u00a310 to help the visually impaired, ensuring the nation\u2019s money is as inclusive as possible.<\/p>\n

By: Klavs Valters
\n<\/strong>Wixad<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The Bank of England\u00a0on the 3rd August, will announce whether they will increase, decrease or maintain the key interest for the United Kingdom. In this article we will look ahead with some industry experts and see how the UK economy performed last quarter. Who decides the rates? Interest rates are set by the Bank of […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2805],"tags":[],"class_list":["post-145583","post","type-post","status-publish","format-standard","hentry","category-central-banks"],"acf":[],"yoast_head":"\nThe Bank of England Rate Decision - Wixad<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gomarkets.com\/en\/articles\/central-banks\/the-bank-of-england-rate-decision\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Bank of England Rate Decision - Wixad\" \/>\n<meta property=\"og:description\" content=\"The Bank of England\u00a0on the 3rd August, will announce whether they will increase, decrease or maintain the key interest for the United Kingdom. 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In this article we will look ahead with some industry experts and see how the UK economy performed last quarter. Who decides the rates? Interest rates are set by the Bank of ","link":"https:\/\/www.gomarkets.com\/en\/articles\/shares-and-indices\/us-indices-at-record-highs\/","type":"next","category":"shares-and-indices"},"previous":{"id":145581,"slug":"trading-hk50-index","title":"Trading The HK50 Index","date":"2017-07-10 03:54:09","excerpt":"The Bank of England\u00a0on the 3rd August, will announce whether they will increase, decrease or maintain the key interest for the United Kingdom. In this article we will look ahead with some industry experts and see how the UK economy performed last quarter. Who decides the rates? Interest rates are set by the Bank of ","link":"https:\/\/www.gomarkets.com\/en\/articles\/shares-and-indices\/trading-hk50-index\/","type":"previous","category":"shares-and-indices"},"category":{"slug":"central-banks"},"_links":{"self":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/posts\/145583","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/comments?post=145583"}],"version-history":[{"count":0,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/posts\/145583\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/media?parent=145583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/categories?post=145583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/tags?post=145583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}