A Funding for Lending Programme will commence in December to lower interest rates and support the economy.
The Monetary Policy Committee uses a range of instruments to support full employment and keep inflation stable. The Funding for Lending Programme is an additional instrument to the OCR and asset purchases already in use. The programme affects interest rates in the economy, including bank lending rates and term deposit rates, which affect employment and inflation. The seven members of the Monetary Policy Committee have agreed that monetary policy will need to remain supportive for a long time.
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