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Major UK banks are strong enough to carry on lending to households and businesses even in a recession worse than the financial crisis, according to Bank of England's stress test results.

The Bank of England's Monetary Policy Committee voted by a majority of 7-2 to hold Bank Rate at 0.75 percent during its October policy meeting, while markets had forecast a unanimous decision, amid Brexit uncertainties and global trade wars. Also, the bank lowered its GDP forecasts, which now point to 1 percent expansion by the end of this year, 1.6 percent by the end of 2020, 1.8 percent by the end of 2021, and 2.1 percent by the end of 2022. Policymakers noted that monetary policy could respond in either direction to changes in the economic outlook in order to ensure a sustainable return of inflation to the 2 percent target.

The Bank of England's Monetary Policy Committee voted unanimously to hold the Bank Rate at 0.75 percent during its September policy meeting, as widely expected. The bank also reaffirmed its pledge to gradual and limited rate rises in the event of greater clarity that the economy is on a path to a smooth Brexit, and assuming some recovery in global growth.

The Bank of England's Monetary Policy Committee voted unanimously to hold the Bank Rate at 0.75 percent during its August policy meeting, and reaffirmed its pledge to gradual and limited rate rises under the assumption of a smooth Brexit and some recovery in global growth. Still, the central bank lowered its GDP forecasts for 2019 and 2020 on the back of slower export growth and weak business investment.

The Bank of England's Monetary Policy Committee voted unanimously to hold the Bank Rate at 0.75 percent during its June policy meeting and reaffirmed its pledge to gradual and limited rate rises over the forecast period, despite ongoing Brexit concerns and global trade tensions. The central bank lowered its outlook for the economy to zero in the second quarter of the year from its previous estimate of 0.2 percent growth.

The Bank of England's Monetary Policy Committee voted unanimously to hold the Bank Rate at 0.75 percent during its May policy meeting and reaffirmed its pledge to gradual and limited rate rises over the forecast period, despite the slowdown in global growth and ongoing Brexit uncertainties.