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Base rate remains on hold

Base rate remains on hold

Category: Banking

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

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 It is now over 6 months old so the content may be out of date.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 has voted to keep interest rates on hold at 0.50% for the 49th consecutive month, as widely expected.

It was also decided that the Government would refrain from injecting any further money into its quantitative easing (QE) programme, leaving the current asset purchase amount at £375 billion, despite calls from some members to increase it by a further £25 billion.

Minutes from last month's meeting revealed two members of the Committee had voted in favour of increasing the QE amount to £400 billion, including the Governor of the Bank of England, Mervyn King.

Bank of England base rate has remained on hold at its historic low of 0.50% since March 2009, when the first set of QE was introduced.

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