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MPC votes to hold base rate and QE

Base rate has been at record-low 0.5% since March 2009.

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The Bank of England’s Monetary Policy Committee has decided to hold base rate at 0.5 per cent and its programme of quantitative easing at £375bn.

Base rate has been held at 0.5 per cent for over four years, with the MPC first cutting the benchmark rate to its record-low in March 2009.

QE has been at £375bn since July, when the MPC voted to increase the size of the programme by £50bn from £325bn.

The minutes from last month’s MPC meeting show the committee remains split over increasing its programme of quantitative easing, with BoE governor Mervyn King, Paul Fisher and David Miles voted to increase QE by £375bn to £400bn, the same three who voted for an increase in April.

The minutes from today’s meeting will be published later this month.

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