The Bank of England held its benchmark interest rate steady Thursday but officials said they expect to launch fresh stimulus on multiple fronts next month, as the economy stumbles under Britons’ decision to exit the European Union.
The BOE said in a monthly policy statement that the nine-member Monetary Policy Committee voted eight to one to maintain the central bank’s benchmark interest rate at 0.5% for another month.
Officials noted myriad signs the economy is slowing amid the uncertainty triggered by the Brexit vote but said they decided to wait until August—when they will have more data and better insights into the economy’s health—to implement new support measures.
“Most members of the committee expect monetary policy to be loosened in August,” according to the statement. “The precise size and nature of any stimulatory measures” will be determined in the coming weeks, the BOE said.