BoE sticks to plan of using low rates to bolster economy

The Bank of England stuck to its plan to nurse the economy back to full health with record low interest rates yesterday, despite a strong recovery and fast-rising house prices which could lead to a split among its policymakers soon.

The Bank’s Monetary Policy Committee (MPC) left its benchmark interest rate at 0.5%, where it has sat since the worst of the financial crisis more than five years ago.

The MPC made no statement after the decision which had been widely expected. Details of how its nine members voted will be released in just under two weeks’ time.