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October 8, 2009

Bank of England keeps rates at 0.5%

by Richard Kilner

Story link: Bank of England keeps rates at 0.5%

The Bank of England’s Monetary Policy Committee (MPC) has today chosen to retain the interest rate at 0.5%.

In addition, the MPC has opted to continue as planned with the £175bn quantitative easing programme of asset purchases, effectively printing money.

The quantitative easing scheme is expected to come to an end next month, although the scope of the programme remains under review.

In August the scheme was expanded by £50bn from its initial £125bn range, and would otherwise have been completed in August.

The decision marks the seventh consecutive month that the interest rate, the lowest in the Bank of England’s 300 year history, has been at 0.5%.

Following the worldwide slashing of interest rates during the financial crisis some central banks, such as the Reserve Bank of Australia and the Bank of Israel, have moderately increased rates although most have yet to do do so.

 

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