Mark Carney, Governor of Bank of England and his private secretary James Benford leave Downing Street in London, Britain, September 13, 2018. REUTERS/Hannah McKay
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The Bank of Englandkept interest rates on hold Thursday and highlighted greater financial market concerns about Brexit, a month after raising borrowing costs for only the second time in more than a decade. The BoE said its nine rate-setters voted unanimously to hold rates at 0.75 percent, in line with economists' expectations in a Reuters poll, and said there had been limited domestic developments since its Aug. 2 meeting, other than on Brexit. The BoE's regional staff reported businesses were tightening cost control and holding off on investment ahead of Britain's March 2019 withdrawal from the European Union.Nonetheless, BoE staff raised their forecast for third-quarter growth to 0.5 percent from 0.4 percent, partly due to stronger consumer spending over an unusually warm summer. Carney said after August's rate rise that households could reasonably expect about one quarter-point rate rise a year going forward, assuming the economy grew as expected.
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