The Bank of Englands Monetary Policy Committee announced that they would be leaving the Bank Rate at the historical low of 0.5% as the uncertainty in the economy continues.
It had been widely speculated as to whether the Bank may actually reduce interest rates further due to the recent reports of the double dip recession staying within the UK.
However it has been widely stated previously that reducing the interest rate further would like make little difference and other measure need to be sort – hecne the recent increases in the Asset Purchase Programme – known as quantitative easing.
However the Bank did actually vote to mainte the size of this current programme at £375billion, which was last increased on 5th July 2012 from £325 billion.
The Bank initially reduced the interest rate to 0.5% way back on 5th March 2009.
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