The Bank of England has held interest rates at 0.5 per cent and its quantitative easing programme at £375bn. The decision was made at the latest meeting of the Monetary Policy Committee held on 7 and 8 November Interest rates have been held at this figure since March 2009 while the quantitative easing programme was last updated in July when £50bn was added. Further details will be given when the minutes of the meeting are published on 21 November.
Anna Leach, head of economic analysis at the Confederation of British Industry, said: "It is likely that some recent positive economic data and deepening scepticism within the MPC about the effectiveness of further gilt purchases, has tipped the balance in favour of keeping policy on hold this month. "Though we expect a modest pick-up in economic momentum through 2013, further QE remains on the table should conditions deteriorate, particularly if ongoing risks in the global economy remain unresolved." Ian Kernohan, economist at Royal London Asset Management, said: "Following a very strong GDP figure last month, some recent economic data has been weaker, although there seems to be a much more vigorous debate within the MPC about the potency of QE as the main plank of policy going forward." The Bank will also publish its quarterly Inflation Report on 14 November.
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