Thursday, 09 January 2014 15:04
Bank Rate remains unchanged at 0.5%
The Bank Rate remains unchanged at 0.5%, the Bank of England's Monetary Policy Committee has announced.
The size of the Asset Purchase Programme also stays at £375 billion.
The Bank of England reduced its Bank Rate by 0.5 percentage points to 0.5% on 5 March 2009 and it has remained unchanged since.
The announcement means that the base rate has been unchanged for over 4.5 years.
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Economists have forecast that this means it could be 2016 before the Bank of England base rate is changed.
Governor Mark Carney has said in the past that the base rate will not be reviewed or increased until unemployment fell to 7%.
Although the figure has fallen to 7.4% Mr Carney has also said a fall in the unemployment rate to 7% would not result in an automatic rate rise.
The size of the Asset Purchase Programme also stays at £375 billion.
The Bank of England reduced its Bank Rate by 0.5 percentage points to 0.5% on 5 March 2009 and it has remained unchanged since.
The announcement means that the base rate has been unchanged for over 4.5 years.
{desktop}{/desktop}{mobile}{/mobile}
Economists have forecast that this means it could be 2016 before the Bank of England base rate is changed.
Governor Mark Carney has said in the past that the base rate will not be reviewed or increased until unemployment fell to 7%.
Although the figure has fallen to 7.4% Mr Carney has also said a fall in the unemployment rate to 7% would not result in an automatic rate rise.
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