The Bank of England has kept its main interest rate on hold at 0.75 percent as policymakers await developments in Britain's looming exit from the European Union. In a statement Thursday, the bank said its nine-member rate-setting panel voted unanimously to keep borrowing rates unchanged, a month after sanctioning a quarter-point increase. "Since the Committee's previous meeting, there have been indications, most prominently in financial markets, of greater uncertainty about future developments in the withdrawal process," rate-setters said according to minutes of the meeting. The EU, as a whole, remains Britain's biggest export partner and the British economy relies heavily on money and workers from the bloc. Failure to reach a deal on Brexit could seriously hobble the British economy — tariffs could be slapped on British exports, while cross-border payments may face additional charges.

Source: ABC News September 13, 2018 05:05 UTC