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MPC votes to hold base rate and QE

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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 now 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 showed the committee remained split over whether to launch another round of QE while it voted unanimously to hold interests rates at their current level. BoE governor Sir Mervyn King, deputy governor Charlie Bean and Paul Tucker voted for another £25bn of QE last month.

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

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