The Bank of England has announced it has held the UK interest rates at 0.75%, amid early signs that the UK and global economies are picking up.

At a meeting on 29 January 2020, the Bank’s Monetary Policy Committee (MPC) voted by a majority of 7-2 to maintain the interest rate at its current rate. The MPC said it will closely monitor the extent to which early indications of “an improved outlook are sustained and follow through to the hard data on domestic activity in coming months”.

The Bank of England said the most recent indicators suggest that global growth has stabilised, and that global business confidence and other manufacturing indicators have generally picked up.

In the UK, near-term uncertainties facing businesses and households are said to have receded. Surveys of business activity have picked up, investment intentions appear to have recovered and consumer confidence has slightly increased, added the Bank. The unemployment rate has also remained low and stable, and employment growth has picked up.