Interest rates held by BoE

<p>The Bank of England has held interest rates.</p>

Interest rates have been held for yet another month by the Bank of England (BoE).

The base rate in the UK has been at a record low for the country of 0.5 per cent since March 2009 and the BoE's Monetary Policy Committee has again voted to retain the status quo.

It was also confirmed by the BoE that it will make no change to the £375 billion of monetary stimulus provided for the economy through the quantitative easing scheme.

Mark Carney replaced Sir Mervyn King as the governor of the Bank earlier in the summer, but it seems the BoE still retains a cautious outlook over the state of the economy.

This is despite data from the Office for National Statistics revealing the economy grew by 0.6 per cent in the second quarter of the year, quickening growth from the 0.3 per cent that was recorded for the first three months of 2013.

Further figures from the body showed inflation in the UK rose to 2.9 per cent in June from 2.7 per cent the previous month, moving away from the government's target of two per cent.

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