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No change to interest rates

No change to interest rates

Category: Economy

Updated: 05/09/2013
First Published: 05/09/2013

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 It is now over 6 months old so the content may be out of date.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 base rate at its record low of 0.5%.

This is the 54th consecutive month base rate has remained at 0.5%.

The measure was last moved in March 2009.

The latest rate setting decision comes on the back of BoE Governor, Mark Carney's recent announcement that the bank would only consider increasing interest rates when the UK's unemployment rate falls to 7%. Currently this measure is at 7.8%.

The BoE forecasts that it will take about three years for unemployment to fall to 7.00%, meaning interest rates are only expected to rise again in 2016 – 2017.

During its meeting, the MPC also decided it would make no change to the £375 billion monetary stimulus programme, which is known as Quantitative Easing.

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