MPC keeps the Bank Rate unchanged at 0.5%

MPC keeps the Bank Rate unchanged at 0.5%

Comment from Fionnuala Earley, UK Consumer Economist:

07 March 2012

"Three years down and at least another two to go" is our take on MPC (Monetary Policy Committee) decision today.

The committee voted to hold rates at 0.5% for the 36th consecutive month in March, and there is little to suggest it will want to raise rates for a long time yet. Inflation is beginning to recede and economic conditions are weak, in spite of support from quantitative easing.

So the MPC has no reason to rush, especially if it fears a hasty rise could squash any budding recovery.

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