Bank of England holds interest rates

Interest rates have been held by the Bank of England.


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By :  ,  Financial Analyst

The Bank of England's Monetary Policy Committee has once more elected to hold the base rate of interest for the UK.

Interest rates will remain at a record low for the country of 0.5 per cent for another month after the committee gathered in central London this week.

Minutes from the meeting are due to be published on March 20th, when more details about the mood of the group will become clear.

The base rate in the UK has remained at 0.5 per cent since March 2009, when a cut from one per cent was announced by the committee.

Reacting to the news, Ray Boulger of leading independent mortgage adviser John Charcol suggested action to stimulate the economy is still on the agenda for the Bank of England.

"A cut in Bank Rate, even if we don't actually get negative interest rates, must now be back on the agenda, as well as more [quantitative easing]," he said.

The UK is currently facing a triple-dip recession after growth was negative in the last quarter of 2012. Following the announcement, the FTSE 100 was flat.

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