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Bank holds rate, continues easing plans

The Bank of England has decided to hold the base rate at 0.5 per cent yet again this month as it continues its quantitative easing strategy.

The Monetary Policy Committee has held the base rate at its all-time historic low of 0.5 per cent for the third month in a row. It has also decided to continue its plans to buy up gilts using £125bn of new money.

John Charcol senior technical manager Ray Boulger says: “Today’s decision by the MPC to leave rate and the quantitative easing programme unchanged was widely expected but next month the committee will have to consider whether to utilise the final £25bn the Chancellor has authorised for the easing plans.”

Mortgage Advice Bureau head of lending Brian Murphy says: “The MPC’s announcement that it is to hold the base rate is not surprising and was anticipated by most economic forecasters. Clearly the MPC are adopting another month of ‘wait and see’ what the effects of the previous six months of unprecedented rate reductions are having on the wider economy.”

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