Bank of England base rate held at 0.5% - once again
The Bank of England has kept the base rate at its record low of 0.5% for the 69th consecutive month.
A rate rise before Christmas was always unlikely, particularly with most European counties still struggling to secure any real growth.
Barry Naisbitt, chief economist at Santander UK, commented: “Last month’s decision to hold rates continued the run of split votes, with two MPC (Monetary Policy Committee) members voting for an increase in rates. The incoming economic news over the past month has not been strong enough to support a change in view for the majority of MPC members.”
The European Central Bank has also held its interest rate at 0.05% and is reportedly preparing to announce plans to expand its quantitative easing program.
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