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The Bank of England has left the interest rate unchanged at 0.75% in a unanimous vote as broadly expected. The bank has refrained from detailing projections for a scenario in which the UK leave the EU without a deal.  

GBP/USD is trading around 1.2100, finding some solace after significant falls beforehand.

— more to come

Follow all the BOE and GBP/USD updates live

GBP USD post BOE August 1 2019

The Bank of England was expected to leave the Official Bank Rate at 0.75% once again and vote unanimously for this policy. Apart from the rate statement and the accompanying meeting minutes, the BOE releases its Quarterly Inflation Report (QIR) which is then followed by Governor Mark Carney’s press conference.  

Some had expected the BOE to remove its intentions to raise rates amid the global slowdown and also the falling chances of a smooth Brexit. The new government led by PM Boris Johnson has been adamant about its desire to leave the EU by the October 31st deadline – “do or die” as the PM stated. GBP/USD has The pound has been reacting with an outright plunge to the news.