Bank of England brings forward release time of May 7 rate decision

FILE PHOTO: People wearing masks walk past the Bank of England, as the spread of the coronavirus disease (COVID-19) continues, in London, Britain, March 23, 2020. REUTERS/Toby Melville

LONDON (Reuters) – The Bank of England said on Friday it will release the result of its next Monetary Policy Committee meeting at 7 a.m. (0600 GMT) on May 7, rather than at the usual release time of 12 p.m.

“This is to accommodate the joint publication with the interim Financial Stability Report,” the BoE said.

As well as the MPC’s decisions on interest rates and bond-buying and its new economic forecasts in a quarterly Monetary Policy Report, the BoE has brought forward a meeting of its Financial Policy Committee to assess the impact of the coronavirus pandemic on the finance industry.

BoE Governor Andrew Bailey will brief reporters after the decision, and the contents of the briefing will be made public at 0900 GMT.

The BoE cut rates twice in March to a new low of 0.1% and ramped up its government bond-buying by a record 200 billion pounds. It is expected to hold off on fresh monetary policy action next week, according to a Reuters poll of economists.

Reporting by David Milliken; Editing by William Schomberg

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