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MPC voted unanimously to maintain base rate

MPC voted unanimously to maintain base rate

Category: Economy

Updated: 15/08/2012
First Published: 15/08/2012

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 It is now over 6 months old so the content may be out of date.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 Monetary Policy Committee (MPC) voted unanimously earlier this month to keep base rate at its historical low of 0.50%.

Minutes released by the Bank of England today revealed that all seven members of the committee, including the Bank's governor Sir Mervyn King, agreed to keep interest rates on hold for the 41st consecutive month.

It was also agreed that the Government's quantitative easing programme should continue to inject more money into the economy.

There had been some brief speculation that rates may reduce to 0.25% or even zero following news that the UK 's economy shrunk by 0.7% during the second quarter of this year, much higher than the 0.2% predicted by analysts.

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