The Monetary Policy Committee (MPC) of the Bank of England has today decided to leave unchanged the UK’s interest rate at the record low of 0.5%.
The scale of the quantitative easing asset purchase scheme has also been left unchanged, at £275bn.
The MPC has also stated that the scheme is expected to run its course by early February, and said that its scale remains under review.
The interest rate has been held steady for almost two years, having been slashed to 0.5% in March 2009 to help alleviate the worst effects of the credit crunch.
As growth appears likely to be faltering and gradual in the immediate future an increase in rates appears unlikely, and there has been some suggestion that the European Central Bank (ECB) may continue its recent cutting of rates.
Should the ECB reduce rates from their present level of 1% it would mark a new record low for the beleaguered single currency.
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