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MPC voted unanimously to keep base rate at 0.50%

MPC voted unanimously to keep base rate at 0.50%

Category: Economy

Updated: 19/06/2013
First Published: 19/06/2013

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 It is now over 6 months old so the content may be out of date.

Minutes from the Bank of England's Monetary Policy Committee (MPC) meeting on 6 June have revealed all nine members agreed to keep base rate at 0.50% for the 51st successive month.

Despite the unanimous verdict regarding interest rates, the MPC remained split on whether the Government's quantitative easing (QE) programme should be increased to £400 billion.

For the fifth consecutive month, three members of the MPC, David Miles, Paul Fisher, and in his final MPC meeting as Governor of the Bank of England, Sir Mervyn King, voted in favour of injecting a further £25 billion directly into the UK economy, but were outnumbered by the majority.

QE has remained at £375 billion since July 2012, following the Government's initial asset purchase of £75 billion in March 2009.

Base rate has remained at its historic 0.50% since March 2009.

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