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Base rate remains at 0.50%

Base rate remains at 0.50%

Category: Economy

Updated: 01/08/2013
First Published: 01/08/2013

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 It is now over 6 months old so the content may be out of date.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 Monetary Policy Committee (MPC) has voted to keep interest rates on hold.

Today's decision marks the 53rd consecutive month in which base rate has remained unchanged at the historic low of 0.50%.

The MPC also confirmed that the total amount of the Government's quantitative easing (QE) programme would stay at £375 billion, despite calls from some MPs for the amount to be increased by a further £25 billion.

QE was introduced at the height of the credit crisis in March 2009, as a way of injecting extra money into the UK's ailing economy.

The meeting was the third of its kind chaired by the new Governor of the Bank of England, Mark Carney. The former Governor of the Bank of Canada succeeded Sir Mervyn King last month.

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