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The Bank of England maintained the pace of its stimulus on the UK economy, reiterating that it doesn’t intend to tighten monetary policy until there’s clear evidence of a recovery.

The central bank made no change to its target for asset purchases of 895 billion pounds ($1.2 trillion) and left the benchmark lending rate at record low of 0.1%. It will continue with pumping about 4.4 billion-pounds a week into markets by buying bonds.

Britain’s economic outlook is starting to brighten with a rapid coronavirus vaccination campaign and a government decision to extend furlough payments to those put out of work by Covid-19 lockdowns. Governor Andrew Bailey is balancing that against the near-certainty of a sharp contraction in the first quarter and forecasts that unemployment will peak later in the year.

“There is judged to be a material degree of spare capacity at present," the Bank of England said in a statement on Thursday. “The outlook for the economy, and particularly the relative movement in demand and supply during the recovery from the pandemic, remains unusually uncertain."

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