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Bank of England holds base rate at 0.5%

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The Bank of England has maintained the base rate at 0.5 per cent and the size of the asset purchase programme at £375bn.

The Monetary Policy Committee has voted to keep the base rate at the record low where it has remained since March 2009.

The quantitive easing programme has remained unchanged since July 2012 when it was raised by £50bn.

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Capital Economics UK economist Martin Beck says: “The Monetary Policy Committee’s continued inaction shows it has limited appetite for helping the economy to break out of its current insipid state. Upon his arrival in July, Mark Carney may have his work cut out in persuading the Committee of the merits of a more activist approach.”

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