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Bank holds rate and £200bn QE level

The Bank of England has held base rate at 0.5 per cent for the 19th month in a row and has also held its quantitative easing programme at £200bn.

RBS head of group economics Stephen Boyle says it is right to keep monetary policy loose even if the recovery is slowing. He says: “The Biritsh economy needs support, especially as Government spending cuts draw near.”

Legal & General mortgages director Ben Thompson says: “Persistently stubborn inflation combined with a flagging economy is certainly not a marriage made in heaven and the two will no doubt co-habit for some time to come, but sooner or later things will be come clear as the impact of spending cuts and tax increases are felt. It is our view that rates will remain flat for sometime to come.”

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