BoE and ECB hold interest rates

<p>Interest rates have been held by both the ECB and the BoE.</p>

The Bank of England (BoE) and the European Central Bank (ECB) have both confirmed interest rates will be held for the next month.

Analysts had not expected any changes to be made to monetary policy and this proved to be the case as no amendments were announced by either body.

The BoE's Monetary Policy Committee has now kept interest rates on hold since March 2010 at 0.5 per cent, which remains a record low for the UK.

Last month, the ECB surprisingly announced a cut to its own interest rates to reach a new low for the bank, with president Mario Draghi explaining it was necessary to support the economic recovery of the eurozone.

Speaking today (December 5th) after the announcement of interest rates being held was made, Mr Draghi said: "Our monetary policy decisions are taking time to make their influence felt."

The latest Markit composite purchasing managers' index indicated the economic recovery of the eurozone could be slowing and Mr Draghi admitted that growth in recent weeks has been "subdued" around the continent.

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