Bank of England Base Rate remains at 0.5%

The bank of England yesterday voted to keep the current Bank Rate at the all time low of 0.5%.

This has been maintain at this historic low right from the early days of the recession and with the recent news of the UK in a double dip recession, it is likely to remain low for some time for come.

The Bank’s Monetary Policy Committee also voted to maintain the current level of asset purchases, known as quantative easing, which is financed by the issuance of central bank reservers to the value of £325 billion.

The Bank’s lowered its Base Rate to 0.5% back in March 2009 and started the programme of quantative easing also back in March 2009. However an increase in the amount pumped into the economy via this mechanism was increase back in February 2012 by £50 billion to its current level.

Alec Hanson

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