Bank of England holds interest rate at 0.5 per cent

The Bank of England is holding its base interest rate at 0.5 per cent amid broad expectation of a cut to 0.25 per cent.

The central bank's monetary policy committee believes markets have "functioned well" since last month's vote for Britain's exit from the European Union, despite a sharp fall in the British pound against the dollar.

"The improved resilience of the core of the UK financial system and the flexibility of the regulatory framework have allowed the impact of the referendum result to be dampened rather than amplified," it says.

Last update: Thu, 14/07/2016 - 13:30

More from Europe

Austria's Green candidate for president defeats far-right rival

Austrians opted for a pro-European president by electing Green candidate Alexander Van der Bellen on Sunday with 53....

Hero to zero? Italy's Renzi puts career on the line in referendum

Italian Prime Minister Matteo Renzi risks becoming Europe's youngest political has-been if Sunday's constitutional...

Ten facts about Italy's constitutional referendum

Italians will vote Sunday on a constitutional referendum that could result in major institutional changes or trigger...

Austrian presidential candidates optimistic as country repeats vote

The far-right and Green contenders for the Austrian presidency were both optimistic on Sunday as citizens cast their...

Van der Bellen, a fervent European and a former refugee child

Alexander Van der Bellen won the Austrian presidency with a pro-European platform that also championed the rights of...