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BoE votes to hold base rate at 0.5%

The Bank of England’s Monetary Policy Committee has voted once again to hold the base interest rate at 0.5 per cent.

It is the 70th consecutive month in which the benchmark interest rate has been held at its current level, the lowest on record.

Committee members also voted to maintain the programme of quantitative easing at £375bn. It has remained unchanged since July 2012, when the committee voted to increase the programme from £325bn.

Last month the Bank announced plans to reduce the number of MPC meetings from 12 to eight, as well as publishing the minutes from each meeting on the same day, from 2016.

Minutes from this month’s meeting will be published on 21 January.

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