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Monetary Policy Committee member David Mills says that it is unlikely the Bank of England base rate will change in the next few months.

In a speech at the Royal Economics Society, Mr Miles is quoted as saying: “Judging by money market interest rates and yields on short dated government bonds - the market expectation is that Bank Rate will not change for many months yet.”

Referring to the effects of the Bank of England asset purchases during 2009/10, Mr Mills says: “A range of estimates suggested that the asset purchases had about the same effect as a cut in Base Rate of between 150 basis points and 300 basis points, increasing GDP by about 1.5% to 2%.”

13 October 2011

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