Thursday, 05 September 2013 12:07
Bank of England maintains interest rate at 0.5 per cent
The Monetary Policy Committee has held interest rates at 0.5 per cent and the asset purchase programme at £375bn.
Interest rates have been set at 0.5 per cent since March 2009 while the asset purchase programme was last increased in July 2012.
This month's meeting, held on 3-4 September, was held earlier than usual due to governor Mark Carney attending a G20 meeting in St Petersburg, Russia. Mr Carney is chairman of the G20's Financial Stability Board.
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In forward guidance last month, Mr Carney said interest rates were unlikely to change until unemployment reached seven per cent.
This has been forecast as unlikely to happen until 2016 as unemployment is currently around 7.8 per cent.
Mr Carney said this figure would serve as a "prompt" for the Bank to reconsider the interest rate. However, rates could be changed earlier if a material risk to price stability or financial stability arose.
The minutes of this week's meeting will be released on Wednesday 18 September.
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Interest rates have been set at 0.5 per cent since March 2009 while the asset purchase programme was last increased in July 2012.
This month's meeting, held on 3-4 September, was held earlier than usual due to governor Mark Carney attending a G20 meeting in St Petersburg, Russia. Mr Carney is chairman of the G20's Financial Stability Board.
{desktop}{/desktop}{mobile}{/mobile}
In forward guidance last month, Mr Carney said interest rates were unlikely to change until unemployment reached seven per cent.
This has been forecast as unlikely to happen until 2016 as unemployment is currently around 7.8 per cent.
Mr Carney said this figure would serve as a "prompt" for the Bank to reconsider the interest rate. However, rates could be changed earlier if a material risk to price stability or financial stability arose.
The minutes of this week's meeting will be released on Wednesday 18 September.
• Want to receive a free weekly summary of the best news stories from our website? Just go to home page and submit your name and email address. If you are already logged in you will need to log out to see the e-newsletter sign up. You can then log in again.
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