UK interest rate held at record low

The Bank of England held interest rates unchanged at their record low of 0.5% today.

The decision comes after six months of cuts from the Monetary Policy Committee (MPC) to tackle a worsening recession.

Rate-setters are now pinning hopes on an unprecedented £75bn (€82.8bn) programme of quantitative easing (QE) – effectively printing money – to ease credit conditions.

The MPC launched the strategy last month and has bought up almost £26.5bn (€29.2bn) in government and corporate debt so far under a three-month programme.

The committee is monitoring the impact of QE on the wider economy every month but announced no changes to the scale of the operation today.

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