Mervyn King, governor of the Bank of England
The Bank of England has announced it has held interest rates at 0.5 per cent and the size of the asset purchase programme at £375bn.
The decisions were made at the latest meeting of the Monetary Policy Committee which was held on 1-2 August.
Interest rates have been held at 0.5 per cent since March 2009. Economists had forecast cuts could be made to the base rate, reducing it to 0.25 per cent but these were unfounded.
Last month's meeting minutes indicated that the committee had been considering a rate but decided against it when it was decided the new Funding for Lending scheme would create stimulus.
The asset purchase programme was increased by £50bn last month and this will take four months to complete.
This meeting was the last one for member Dr Adam Posen who is leaving the committee after three years. He is being replaced by Ian McCafferty, chief economist at the Confederation of British Industry.
Further details on the meeting's decisions will be given in the minutes which will be published on 16 August.
