Base rate remains at 0.50% - Banking - News - Moneyfacts

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Base rate remains at 0.50%

Base rate remains at 0.50%

Category: Banking

Updated: 04/07/2013
First Published: 04/07/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The Bank of England's (BoE) Monetary Policy Committee (MPC) has voted to keep interest rates on hold for the 52nd consecutive month.

The MPC also agreed to keep the Government's quantitative easing (QE) programme total amount at £375 billion.

Minutes released by the MPC last month showed three members of the committee continued to vote in favour of injecting a further £25 billion into the UK economy via QE, including the former Governor of the Bank, Sir Mervyn King.

Today's meeting was the first of its kind for the new Governor, Mark Carney, the former Governor of the Bank of Canada, who took up his new role on Monday.

Base rate has stayed at 0.50% since March 2009, when the first phase of QE was introduced by the Government to boost the economy.

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