Interest rates held at 0.5 per cent

Thursday 9th July 2009

The Bank of England has announced interest rates have been held for a fifth successive month.

Rates have been kept at 0.5 per cent, the lowest level in 315 years, the Bank confirmed today.

Financial analysts predict the Bank may hold rates at the same level for the next few months, and potentially into next year.

A series of conflicting results had been released since the Bank's monetary policy committee (MPC) last decision in June.

It was announced GDP fell at a quicker rate in the first quarter of the year than expected, which contrasted with recent figures from the British Chambers of Commerce suggesting the worst of the recession has now passed.

There had been some expectation the Bank may raise further funds for its quantitative easing scheme, but no action was announced today. ADNFCR-1783-ID-19256260-ADNFCR

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