Bank of England keeps monetary policy unchanged

The Bank of England kept its monetary policy unchanged yesterday as it worked on a new plan to steer interest rate expectations after its previous one was overtaken by Britain’s strong economic recovery.

The BoE left its bank rate at 0.5%, where it has stood since the depths of the financial crisis in 2009.

Britain’s economy last year staged a surprise turnaround and markets are pricing in at least some chance of a rate hike late this year. BoE governor Mark Carney and other policymakers stress that they are in no rush to raise rates.