Bank of England leaves base rate unchanged

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Bank of England leaves base rate unchanged

The Bank of England's Monetary Policy Committee (MPC) has announced its intention to leave the base rate of interest unchanged for this month.

In its monthly meeting, held earlier this week, the committee voted to leave the rate at 0.5 per cent. The MPC said its decision to leave the rate low was justified by the fact that the world economy remains in recession and output in the UK has fallen.

However, in its official statement, the MPC said: "In the United Kingdom, GDP fell sharply in the first quarter of 2009. But surveys at home and abroad show promising signs that the pace of decline has begun to moderate."

The MPC decided to continue and expand its programme of quantitative easing, increasing the size of the programme from £50 billion to £125 billion.

The current base rate is the lowest in the 300-year history of the bank.

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