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BoE holds base rate at 0.5% once again

The Monetary Policy Committee has again voted to keep base rate at 0.5 per cent, the 66th consecutive month the rate has been held at the historically low level.

Committee members also voted to maintain the programme of quantitative easing at £375bn. The QE programme has remained unchanged since July 2012, when it was increased from £325bn.

Minutes from the last MPC meeting in August revealed two members of the committee had voted for a 0.25 per cent increase in the benchmark rate, while minutes from this month’s meeting will be published on 17 September.

Expectations around an increase in base rate rose in June when Bank of England governor Mark Carney warned the benchmark rate could be lifted “sooner than markets currently expect”. 

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