Bank of England holds lending rate at 0.5%
Source: Agencies |
August 3, 2012, Friday
|
Print Edition
Print Edition
THE Bank of England yesterday held its key lending rate at the all-time low of 0.5 percent for the 42nd month and announced no new investment in its economic stimulus program.
The announcement by the bank's Monetary Policy Committee was widely expected. The MPC had discussed cutting the bank interest rate to 0.25 percent.
With Britain stuck in recession for three quarters, some analysts expect a further shot of stimulus later this year. The latest round of asset purchases, or quantitative easing, is expected to be completed in November. So far the Bank of England has authorized 375 billion pounds (US$583 billion) for the program.
The announcement by the bank's Monetary Policy Committee was widely expected. The MPC had discussed cutting the bank interest rate to 0.25 percent.
With Britain stuck in recession for three quarters, some analysts expect a further shot of stimulus later this year. The latest round of asset purchases, or quantitative easing, is expected to be completed in November. So far the Bank of England has authorized 375 billion pounds (US$583 billion) for the program.
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