Bank of England expects best year for UK economy since 1941
LONDON (AP) — The Bank of England will keep interest rates on hold and has grown more optimistic about the economic recovery in the U.K. this year as a result of the rapid rollout of coronavirus vaccines. In a prepared statement Thursday, the nine-member Monetary Policy Committee said it will maintain the bank’s main interest rate at 0.1%. The unanimous and widely anticipated decision means that interest rates will remain at the lowest level in the bank’s 327-year history. Alongside its decision, the bank’s rate-setting panel said growth is likely to be greater than it previously thought in the coming quarters largely due to the rapid rollout of COVID-19 vaccines, and that the easing of lockdown restrictions should spur consumer spending.