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Bank loan: Interest rates held at 0.5%

The Bank of England has decided to hold interest rates at their historically low rate of 0.5 per cent for the 19th straight month.

The Bank's rate setting body, the Monetary Policy Committee (MPC), also voted against pumping more money into the economy via the quantitative easing (QE) programme.

Despite calls by MPC members Andrew Sentance and Adam Posen to raise the base rate and put more funds into the QE programme, economists were largely unsurprised that the MPC voted to maintain their policy for the immediate future.

Howard Archer of IHS Global Insight revealed the firm expected rates to stay the same following the muted recovery.

He said: "We suspect that most MPC members felt that the economic slowdown was not yet marked enough to warrant further quantitative easing, especially given ongoing sticky, persistently above-target consumer price inflation."

The outcome of the voting will be announced on October 20th, with many expecting the MPC members to now be split in three distinct camps.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance. ADNFCR-2776-ID-800105088-ADNFCR

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