Bank of England 'will keep the base rate at 0.5%'
www.moneynews.co.uk > General finance > Bank of England 'will keep the base rate at 0.5%'
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Money News |
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Bank of England 'will keep the base rate at 0.5%'
Fri 10th Jul 2009
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Additional to this, the bank's monetary committee reveled that it plans to continue with its £125 billion asset purchase programme, which is financed by the bank's reserves.
It expects the project to take one more month to complete and will call it into review in August, alongside its inflation plans.
Commenting on the base rate developments, Abbey's chief economist Barry Naisbitt said: "After several months of marching bank rate down and setting new records for how low bank rate could go, the Monetary Policy Committee has, in effect, run out of space to cut further. "
The base rate has not changed since March 5th this year, when the bank made the decision to lower it from one per cent to 0.5 per cent in light of the economic downturn.
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