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Bank of England keeps rates at historic low

The Monetary Policy Committee (MPC) of the Bank of England has announced its decision for interest rates in October.

The MPC has elected to leave unchanged the United Kingdom’s rate, leaving it at the historic low of 0.5%.

The 0.5% rate, the lowest in the Bank of England’s 300 year history, has been unchanged for over four years, having first been reached in March 2009.

The Bank of England has also decided to leave unchanged the scale of the quantitative easing (QE) asset purchase programme at £375bn.

Both decisions were widely expected, and come as the Governing Council of the European Council Bank (ECB) chose to leave the eurozone’s interest rate unchanged at the historic low of 0.5%.

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