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04/03/2010
Interest Rates Held Again
The Bank of England today held interest rates at 0.5%, as widely predicted.
Monetary Policy Committee members also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion.
The previous change in bank rate was a reduction of 0.5 points to 0.5% on 5 March 2009.
A programme of asset purchases financed by the issuance of central bank reserves was initiated on the same day.
The most recent change in the size of that programme was an increase of £25 billion to a total of £200 billion on 5 November 2009.
"The bank will continue to purchase high-quality private sector assets on behalf of the Treasury and financed by the issue of Treasury bills, in line with the arrangements announced on 29 January 2009," a Bank of England statement read.
Lee Hopley, chief economist at the EEF engineering employers' group, said an unchanged position is the right decision given the "ongoing uncertainty about the strength of the recovery".
He said any moves could be held for "some months to come".
(PR/BMcC)
Monetary Policy Committee members also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion.
The previous change in bank rate was a reduction of 0.5 points to 0.5% on 5 March 2009.
A programme of asset purchases financed by the issuance of central bank reserves was initiated on the same day.
The most recent change in the size of that programme was an increase of £25 billion to a total of £200 billion on 5 November 2009.
"The bank will continue to purchase high-quality private sector assets on behalf of the Treasury and financed by the issue of Treasury bills, in line with the arrangements announced on 29 January 2009," a Bank of England statement read.
Lee Hopley, chief economist at the EEF engineering employers' group, said an unchanged position is the right decision given the "ongoing uncertainty about the strength of the recovery".
He said any moves could be held for "some months to come".
(PR/BMcC)
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Northern Ireland WeatherToday:Gale, coastal severe gale, northwest winds ease from late afternoon. Scattered showers will fall as snow over the hills at first, becoming isolated from mid-afternoon. Maximum temperature 7 °C.Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Cloud will spread east towards morning. Minimum temperature 2 °C.
