MPC keeps Bank Rate unchanged at 0.5%

MPC keeps Bank Rate unchanged at 0.5%

Economic Analysis

08 November 2012

Monetary Policy Committee (MPC) keeps the Bank Rate unchanged at 0.5%.

"Given it currently feels as if the MPC is unlikely to change rates until most of us are well into our retirement, focus on monetary policy is almost exclusively on whether or not the Bank of England decides to open her large cheque-book. A better than expected economic performance in Q3 probably tipped the balance for the MPC deciding not to loosen policy further, keeping the cheque-book in her pocket, for now. With question marks over the effectiveness of more quantitative easing, the MPC is undoubtedly waiting to see the impact of its Funding for Lending Scheme. But with signs that the economy is slowing down, one shouldn’t rule out further QE in the future."

Stephen Boyle, Head of Group Economics

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