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Eyes turn to November action as BoE holds rates again

by: Dan Jones
  • 04/10/2012
  • 0
Eyes turn to November action as BoE holds rates again
The Bank of England has held interest rates at 0.5% for the 42nd consecutive month.

The decision was widely expected by economists, though expectations are rising policy may be eased once again in November after construction figures and other data disappointed this week.

“The MPC will wait until November’s meeting for a serious review of policy, at which point it will have completed its current QE programme,” Investec Securities’ Philip Shaw said this week.

The Bank’s most recent move came in August, when it extended its quantitative easing programme by £50m to £375m in a bid to pull the UK out of its latest recession.

Earlier this year the International Monetary Fund said the Bank should consider options other than QE in order to stimulate the UK’s sluggish economy, including a cut to the base rate.

Minutes from August’s meeting revealed the Bank is waiting to assess the impact of its Funding for Lending scheme before considering whether to cut rates again.

 

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