<!-- Swiftype Variables -->

Economy

Bank of England holds steady on interest rate amid Brexit confusion

The Bank of England’s Monetary Policy Committee kept the central bank’s main interest rate unchanged at 0.75%, and the investment industry is pegging any future change on how the U.K. exits the European Union.

The Bank of England's Monetary Policy Committee kept the central bank's main interest rate unchanged at 0.75%, and the investment industry is pegging any future change on how the U.K. exits the European Union.

The central bank said Thursday that committee members voted unanimously to maintain the main interest rate.

The stock of corporate bond purchases and the U.K. government bond purchases also remain unchanged. Sterling investment-grade corporate bond purchases and gilt purchases, both financed by the issuance of central bank reserves, will remain at 10 billion ($13 billion) and at 435 billion, respectively.

Investment professionals believe the U.K. central bank's next move is contingent upon the circumstances surrounding Brexit, currently scheduled for March 29.

"With global gross domestic product growth and ongoing Brexit machinations weighing on current economic conditions, it is no surprise to see the Bank of England sitting back and waiting for current fever pitch uncertainty to ease," Hemmo Hemmes, head of investment strategy at Cardano U.K., said in an emailed comment.