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MPC defies Chancellor’s call to further loosen monetary policy

Bank of England BoE Bank 480

The Bank of England’s monetary policy committee has decided to keep base rate at 0.5 per cent and maintain its programme of quantitative easing at £375bn despite Chancellor George Osborne’s call for a further looseing of monetary policy.

Yesterday, Osborne reportedly urged the MPC to further loosen monetary policy to aid economic recovery.

Base rate has been on hold since March 2009, the same month the MPC decided to initiate a £75bn programme of QE.

QE has remained unchanged since July 2012, when it was raised by £50bn to £375bn.

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