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PPI charges: Base rate to remain at 0.5 per cent

The Bank of England has announced interest rates are to remain at 0.5 per cent.

Today, the Monetary Policy Committee (MPC) voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5 per cent.

Nick Scarrett, head of Savings and Investment at Fair Investment Company, said that this was the right decision.

He said: "Although the low rates combined with inflation makes it very tough for those trying to live off income from their savings, I think sticking at 0.5 per cent was the right decision.

"The economy is not yet strong enough to cope with a rise - the recovery is still too sketchy."

Mr Scarrett added that there will be thousands more of redundancies made in the public sector this year and it would have been "risky" to raise rates.

The MPC also voted to maintain the stock of asset purchases financed by the insurance of central bank reserves at £200 billion.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.

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