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Bank of England holds interest rates for further month

  • 06/02/2014
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The Bank of England’s Monetary Policy Committee (MPC) has left the Base Rate unchanged at 0.5% for a further month.

The MPC also voted to leave the £375bn quantitative easing programme at its current level.

Governor Mark Carney recently distanced himself from his forward guidance policy which guaranteed rates would not rise until unemployment fell to 7%.

Barry Naisbitt, chief economist at Santander UK, said attention would now turn to the Bank’s inflation report, released next week.

“Given the major change in the approach to monetary policy announced last August, the Monetary Policy Committee (MPC) was not expected to do anything other than hold Bank Rate again this month.

“The real interest this month will be on the Inflation Report which is published on 12 February and the changes that the MPC makes to its forward guidance approach.”

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