BOE Maintains Benchmark Interest Rate at 0.75% in 9-0 Vote

The Bank of England decided to maintain the interest rate at 75 basis points, noting that the output gap has closed and the economy is expected to run hot from late 2019. The decision was unanimous, with concerns about global economic unevenness and Brexit as key challenges. Jamie Murray from Bloomberg discussed the implications, highlighting the need for potential rate hikes. The economic forecast does not yet account for increased spending announced by Philip Hammond, suggesting further economic heat if Brexit negotiations conclude with a deal.

What does the Bank of England say about the output gap?

What was the vote outcome regarding the interest rate decision?

How does the Bank of England view the global economy?

What challenges does Brexit pose according to the Bank of England?

What implications does the Bank of England's forecast have on interest rates?