BoE leaves policy rate unchanged at 0.75% with unanimous vote as expected, GBP weakens

• BoE keeps policy rate steady at 0.75% as expected.
• Bank says tightening of monetary policy at gradual and limited pace needed.
• Notes downside risks to growth have increased since May. 

In a widely expected decision, the Bank of England's Monetary Policy Committee held the policy rate unchanged at 0.75% with a unanimous vote. The asset purchase facility remained steady at €435 billion as well.

With the initial market reaction, the British pound came under a renewed pressure and weakened against both the dollar and the euro.

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