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BoE Stands Still Amidst “Fog of Brexit”

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The Bank of England unanimously stood pat on UK interest rates at 0.75 percent, as Brexit uncertainties continue to swirl around the UK outlook. While the Federal Reserve and European Central Bank have likened monetary policy adjustments to taking small steps in a dark room, Mark Carney and co. appear to have their feet bound tight, unable to move amid arguably more pronounced and immediate risks to the UK economy.

The UK central bank, like global markets, are still left waiting for clarity on when and how Brexit will happen, even as the scheduled departure date remains as March 29 at the time of writing. Should the remaining week till the current deadline offer a concrete resolution to the Brexit saga, only then can the BoE have a clearer outlook on monetary policy, and global investors have a firmer handle on the Pound.

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