Bank of England keeps rates on hold ahead of UK election

LONDON – The Bank of England has kept its main interest rate on hold at 0.75% as it awaits more clarity over Britain’s departure from the European Union.

The decision by the central bank’s nine-member Monetary Policy Committee was widely expected. Two members voted for a cut.

The committee has been reluctant to move interest rates for over a year given the huge uncertainty surrounding Brexit. Britain’s general election on Dec. 12 has the potential to affect the outcome of Brexit.

The Brexit impasse is increasingly weighing on the economy, particularly on business investment.

It’s unclear whether the election will lead to more Brexit clarity, though, particularly if no one party manages to win an outright majority.