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Bank rate could stay at 0.5% to 2014

The Bank of England has held bank rate at 0.5 per cent for the 33rd month.

At its meeting last week, the monetary policy committee voted to keep the quantitative easing programme at £275bn.

It was widely expected it would avoid changes while the European Union debt summit was held last week.

IHS Global Insight chief British and European economist Howard Archer says: “Latest data and survey evidence are likely to have largely fuelled its belief that more QE will be required.”

John Charcol senior technical manager Ray Boulger says it looks increasingly likely that bank rate will stay at 0.5 per cent until 2014.

He says: “With rates for the best lifetime trackers only slightly higher than those for a two-year tracker, plus some of the best lifetime trackers having no early repayment charges, there seems little value in most two-year trackers.”

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