Bank Rate held at 0.1%

The Bank of England's Monetary Policy Committee has voted unanimously to maintain Bank Rate at 0.1%.

Current indications are that the impact on the economy is not expected to be as severe as in Q2 2020, during the UK’s first lockdown. GDP is expected to fall by around 4% in Q1 2021, but is projected to recover rapidly towards pre-Covid levels over 2021, as the vaccination programme is assumed to lead to an easing of Covid-related restrictions and people’s health concerns.