BoE leaves Bank Rate unchanged at 0.5%; GBP plunges

The Bank of England has decided to leave its official bank rate unchanged at 0.5%at its May monetary policy meeting and to continue with the programme of asset purchases financed by the issuance of central bank reserves and increase its size by GBP50 billion to a total of GBP125 billion.

The Pound has dropped sharply after the Bank released its decision, from levels around 1.5160, the Pound has lost about 100 pips i a matter of minutes, dropping to levels below intra-day low at 1.5070.