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Analysts at Westpac point out that the Bank of England left the Bank rate at 0.75% at its September policy meeting and maintained its very modest tightening bias, reiterating that future increases are likely to be “at a gradual pace and to a limited extent”.

Key Quotes

“Since the September policy decision, there have been mixed developments. Economic activity is continuing to expand at a moderate pace and unemployment remains low. However, inflation has eased back more than expected, and the slow pace of Brexit negotiations continues to cloud the outlook.”

“Against this backdrop, we expect the BOE to remain on hold in November. The accompanying statement is likely to retain a very gradual tightening bias from September, but more weight may be given to uncertainties around the economic outlook.”