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21 June, 2019 00:00 00 AM

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BoE warns on heightened no-deal Brexit prospect

AFP, London

The prospect of Britain crashing out of the European Union without a deal has risen since last month, the Bank of England warned yesterday, as it kept interest rates unchanged. "Domestically, the perceived likelihood of a no-deal Brexit has risen" since May, the BoE said in a statement after its Monetary Policy Committee (MPC) kept the central bank's main borrowing cost at 0.75 per cent.

"Since the Committee's previous meeting...

downside risks to growth have increased. Globally, trade tensions have intensified," the BoE said. "As expected, recent UK data have been volatile, in large part due to Brexit-related effects on financial markets and businesses," it added.

The BoE said the UK's "economic outlook will continue to depend significantly on the nature and timing of EU withdrawal". Britain is scheduled to leave the bloc on October 31, when it will lose access to major markets covered by EU trade agreements.

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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