BOE keeps interest rates at record low 0.5%
Print Edition
THE Bank of England voted yesterday to keep interest rates at a record-low 0.5 percent, where they have stood for nearly six years, amid fears of deflation and slowing growth.
Policy-makers also decided to keep the level of quantitative easing cash stimulus at 375 billion pounds (US$571 billion), the BOE said in a statement at the conclusion of a two-day meeting.
“The Bank of England’s Monetary Policy Committee at its meeting today voted to maintain bank rate at 0.5 percent,” the statement read. “The committee also voted to maintain the stock of purchased assets financed by the issuance of central bank reserves at £375 billion.”
The decisions were in line with expectations, while economists said the MPC would have been mindful of weak inflation and the eurozone crisis.
Official data showed earlier this month that UK inflation fell in December to an all-time low 0.5 percent.
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