Bank of England base rate 'will remain at 0.5%'

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Bank of England base rate 'will remain at 0.5%'

The Bank of England's Monetary Policy Committee has announced that the base rate will remain at 0.5 per cent as the recession continues to hinder the economic growth of the UK.

As the country is still officially in recession, this verdict may not come as a major surprise to most individuals and businesses and the committee has opted for this move to allow greater time for recovery.

This news may be welcomed by consumers and those with tracker mortgages, but could cause problems for those in retirement living off their savings.

In February, the Bank cut the base rate to one per cent and reduced it to its current figure the following month.

According to the Liberal Democrats' deputy leader Vince Cable, this decision is understandable considering the current economic climate, but warned that the government must take care not to "turn deflation into high inflation".

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