Interest Rates Stay 0.5%
Published / Last Updated on 09/09/2009
Interest Rates Stay 0.5%
The Bank of England has kept interest rates at 0.5% for the sixth month in a row.
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to continue with its programme of asset purchases totalling £175 billion financed by the issuance of central bank reserves.
The Committee expects the announced programme to take another two months to complete. The scale of the programme will be kept under review.
The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.5% on 5 March 2009. A £75 billion programme of asset purchases financed by the issuance of central bank reserves was also initiated on 5 March 2009. The programme was increased to a total of £125 billion on 7 May 2009 and to a total of £175 billion on 6 August 2009.
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