The Bank of England’s (BoE) Monetary Policy Committee (MPC) has today voted unanimously to maintain bank rate at 0.75 per cent.

Furthermore, the committee also voted unanimously to maintain the stock of sterling non-financial investment-grade corporate bond purchases, financed by the issuance of central bank reserves, at £10bn. The Committee also voted unanimously to maintain the stock of UK government bond purchases, financed by the issuance of central bank reserves, at £435bn.

Commenting on the announcement, Zurich head of retail platform strategy Alistair Wilson said: “A flurry of positive economic data would usually signal movement from the MPC and savers would be celebrating a rate rise. However, with the country facing further Brexit delays and uncertainty, the Bank of England’s decision is of little surprise. It will be well into the summer months before we hear any fresh rumours of a rate hike.

“Yet, it’s not all doom and gloom. Employment and wages are on the up and inflation is low, meaning that spending power will be given a boost. Savers need to focus on what they can control. And with tax year end just three weeks away, it can make sense for individuals to maximise their ISA and pension allowances to help grow their wealth over time.”

XPS Pensions Group chief investment officer Simeon Willis: “The UK economy is tentatively shuffling along with declining GDP growth somewhat contradicted by record low levels of unemployment. It would have been problematic for the MPC to have made any sort of change given the current critical political situation as it needs to retain as much flexibility as possible for the rest of the year.”

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