Bank of England Boost

28 July, 2011


Today’s Bank of England minutes, unsurprisingly, showed a unanimous vote to keep UK interest rates on hold at 0.5%.

The slight surprise, however, was that the central bank has kept its quantitative easing programme at £1.25bn, resisting the temptation to ‘print more money’ (the maximum allowed under current legislation is £1.5bn), and noting the worst of the recession is probably behind us.

The pleasing news has given some support to what was a rapidly falling Pound – giving opportunities for foreign currency transfers at better rates than we were seeing.

In the last few days, sterling has been falling consistently – so there may be an opportunity today to secure currency at relatively good levels in case there is any further bad news later in the week.