United Kingdom house prices would crash by a third after no-deal Brexit

United Kingdom house prices would crash by a third after no-deal Brexit

The Bank's nine-strong monetary policy committee (MPC) voted unanimously to keep rates on hold at 0.75%, although it suggested rate increases could be required if the economy continues to recover from the slowdown earlier this year. Carney, a former Goldman Sachs banker, has run the BoE since 2013.

One Thing is certain, though, Australia interest rates are still low, making income hard to come by and keeping the focus for many investors on high yielding stocks.

The central bank raised its base rate of interest from 0.5% to 0.75% last month and is nearly certain to leave rates unchanged on Thursday. But the governor's view is generally held to hold significant sway in its meetings.

"With Brexit negotiations heating up, the BoE will more than happy to drift into the background, having come under fire for its views in the past", Craig Erlam, a senior market analyst at OANDA, said in an email.

The bank is widely expected to increase rates further in the coming years, but the timing of such rate hikes remains unclear, and the next move in rates will nearly certainly not happen until 2019.

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On Thursday, the BoE kept to its standard line that ongoing tightening of monetary policy was likely to be needed if the economy grew as forecast, but that any rate rises would be limited and gradual. This was the same language used during the August MPC meeting.

Carney, whose term of office was this week extended until the end of January 2020 to deal with Brexit disruption, told ministers a chaotic exit would lead to a plunge in sterling that would drive up inflation and interest rates, The Times said.

It added, however, that Britain's economic outlook "could be influenced significantly by the response of households, businesses and financial markets to developments related to the process of European Union withdrawal".

Official figures on Monday showed the United Kingdom economy enjoyed a growth spurt in July, with expansion of 0.3% in the month and 0.6% on a three-month basis thanks to a surge in spending driven by the World Cup and heatwave. He was previously set to leave next summer.

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