It follows a meeting with the bank’s Monetary Policy Committee (MPC) this week, 16th of September 2020.
Minutes from this September’s meeting also showed that the MPC discussed the use of negative interest rates to stimulate the economy.
Additionally, BoE stated in its meeting that it had no plans to raise interest rates until “significant progress” had been made in getting inflation back to the bank’s 2% target. It is currently at a five-year low of 0.2%.
BoE said it did not expect inflation to return to target levels for another two years.