The Bank of England left its main interest rate at a record low 0.50% on Thursday for the 29th month in a row amid weak economic growth in Britain and a debt crisis in the Euro-zone. The quantitative easing QE program was also left stand-by at £200 billion.
The Bank of England's Monetary Policy Committee (MPC) has kept UK interest rates on hold at a record low of 0.5%. Economists had expected no move in rates because the latest data has shown the UK economic recovery remains weak.
The Bank of England’s Monetary Policy Committee voted Thursday to maintain the official Bank Rate paid on commercial bank reserves at the record low 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion.
The International Monetary Fund backed the British government's plans to reduce the budget deficit, but said tax cuts or more quantitative easing may be needed if growth proves persistently weak.
The Bank of England’s Monetary Policy Committee (MPC) has decided to retain the United Kingdom’s interest rate at 0.5%. The rate, the lowest in the Bank of England’s history, has now been unchanged for over two years despite speculation that higher rates may help combat inflation.
Six members of the Bank of England’s nine-strong Monetary Policy Committee, including Governor Mervyn King, continued to oppose the minority campaign for an immediate rise in benchmark UK interest rates at the MPC’s meeting two weeks ago, minutes revealed Wednesday.
UK interest rates have been held again at their record low of 0.5% by the Bank of England's Monetary Policy Committee. There has now been no change to the Bank rate for two years, despite the fact that inflation is currently twice the Bank's target rate.
Bank of England's Monetary Policy Committee (MPC) has kept UK interest rates on hold at 0.5%, and unveiled no new quantitative easing (QE) measures.
The Bank of England’s monetary policy committee (MPC) voted Thursday to hold the base interest rate at its record low of 0.5%. As expected, the Bank did not extend its £200 billion program of quantitative easing and is not expected to make a decision on whether to follow the US Federal reserve with a second bout of economy boosting bond-buying – or QE2 – until February.
Ireland's banking problems are likely to have a direct effect on the United Kingdom's battered institutions. According to the Bank of International Settlements, UK banks have a total exposure to Irish lenders of 222 billion US dollars (£139bn).