The Bank of England said: “At its meeting ending on 4 November 2020, the Bank of England’s Monetary Policy Committee voted unanimously to maintain Bank Rate at 0.1 percent. The Committee voted unanimously for the Bank of England to continue with the existing programme of £100 billion of UK government bond purchases, financed by the issuance of central bank reserves, and also for the Bank of England to increase the target stock of purchased UK government bonds by an additional £150 billion, financed by the issuance of central bank reserves, to take the total stock of government bond purchases to £875 billion.”
The Bank of England continued: “The outlook for the economy remains unusually uncertain.
“It depends on the evolution of the pandemic and measures taken to protect public health, as well as the nature of, and transition to, the new trading arrangements between the European Union and the United Kingdom.
“It also depends on the responses of households, businesses and financial markets to these developments.
“The MPC will continue to monitor the situation closely.
“If the outlook for inflation weakens, the Committee stands ready to take whatever additional action is necessary to achieve its remit.
“The Committee does not intend to tighten monetary policy at least until there is clear evidence that significant progress is being made in eliminating spare capacity and achieving the 2 percent inflation target sustainably.”
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7:00am update: Stock markets soar despite election chaos
Asia Pacific shares have risen to their highest level in nearly three years amidst hope a cleap Joe Biden presidential win will end American’s political turmoil.
Japan’s Nikkei opened up 1.1 percent, Australia’s ASX200 1.0 percent whilst the South Korean index gained 1.5 percent.