Four-year anniversary of base rate at 0.50% - Banking - News - Moneyfacts

News

Four-year anniversary of base rate at 0.50%

Four-year anniversary of base rate at 0.50%

Category: Banking

Updated: 07/03/2013
First Published: 07/03/2013

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 It is now over 6 months old so the content may be out of date.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 base rate has remained on hold for the forty-eighth consecutive month, marking four years since it was cut to it historic low of 0.50%.

The Monetary Policy Committee (MPC) also voted to keep the Government's quantitative easing (QE) amount at £375 billion, despite calls for the amount to be increased to £400 billion to boost the economy further.

Minutes from last month's MPC meeting revealed that despite an unanimous vote to keep interest rates on hold, three members had voted in favour of increasing QE by £25 billion, including the Bank of England Governor, Sir Mervyn King.

Early indications have suggested that members were once again divided with regard to further QE.

Barry Naisbitt, chief economist at Santander, said: "Although the MPC did not vote to extend QE today, it is clearly possible that more QE could be announced in the coming months to boost economic activity."

What next?

Find out how to choose the best bank account by reading our banking guides.
Compare the best savings rates

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Simple measures to improve banking security

The payments industry is gearing up for some big changes in the near-future, with the announcement of some key improvements that should help all of us be more secure when banking online.

Top cashback deals for festive rewards

Savvy shoppers will no doubt be looking to make the most of their hard-earned cash at this time of year, but there isn’t much time left to work out which are the good deals and which are the bad, so it’s time to take action!

Top cashback deals for festive rewards

Savvy shoppers will no doubt be looking to make the most of their hard-earned cash at this time of year, but there isn’t much time left to work out which are the good deals and which are the bad, so it’s time to take action!
 
Close