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May 10, 2010

Bank of England holds rates at 0.5%

by Richard Kilner

Story link: Bank of England holds rates at 0.5%

The Bank of England’s Monetary Policy Committee (MPC) today elected to retain the nation’s interest rate at 0.5%, the lowest it has ever been.

The decision was delayed from Thursday, to avoid the monetary policy decision clashing with the General Election.

The Bank of England also voted not to expand the quantitative easing asset purchase scheme (effectively printing money) from its present scale of £200bn.

The move follows the European Central Bank’s (ECB) decision to keep the eurozone rate steady at 1%, the lowest the single currency’s interest rate has ever been.

Both the ECB and Bank of England have held rates steady for over a year, following the slashing of interest rates to help provide a monetary stimulus in a bid to stave off the worst effects of the global recession.

 

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