THE Bank of England has hinted that it is unlikely to lift record-low borrowing costs any time soon after wrapping up the first policy meeting led by its new governor, Canadian Mark Carney.
The BoE's nine committee members, including Carney, voted by majority to keep the central bank's main lending rate at an all-time low point of 0.50 per cent and decided also to stick by the amount of new money being used to help stimulate the British economy.
But the unexpected hint over the outlook for rates contained in a longer-than-usual final statement, issued at the conclusion of the BoE's latest monthly meeting, caused investors to offload sterling and buy British-listed shares.
"The clear impression is that a Carney-led BoE has a distinctly dovish bias," said Royal Bank of Scotland economist Ross Walker.
"The statement sends a clear, decisive signal - Mr Carney has not spurned an opportunity to provide early guidance, which we expect to be supplemented in subsequent months."
The British pound dived to $US1.5062, the lowest point since May 29, in reaction to receding expectation of a rate hike.
London's FTSE index of leading companies meanwhile soared by more than 3.0 per cent in afternoon trade. Lower interest rates decrease a currency's value but can boost companies' profits.
Recent yields, or rates of return, offered to buyers of government debt have risen in recent times, pointing to impending higher interest rates for consumers in general.
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