Bank of England keeps UK rates at record low of 0.1%

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LONDON (AP) — The Bank of England kept its main interest rate at the record low of 0.1% and updated its growth predictions for the British economy following the lifting of many coronavirus lockdown restrictions.In a prepared statement Thursday accompanying its decision, the bank’s rate-setting Monetary Policy Committee voted unanimously to keep borrowing rates unchanged.It sounded a relatively upbeat tone about the British economy since it last met to decide on interest rates in early May. It said bank staff have revised up their expectations for second quarter growth by around 1.5 percentage points since May, as restrictions on economic activity have eased. The bank now expects output in June to be only around 2.5% below its level in the fourth quarter of 2019, just before the pandemic struct.

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