Interest rate held at record low by Bank of England
The Bank of England held interest rates unchanged at their record low of 0.5% today.
The decision comes after six months of cuts from the Monetary Policy Committee (MPC) to tackle a worsening recession.
Rate-setters are now pinning hopes on an unprecedented 75 billion programme of quantitative easing (QE) – effectively printing money – to ease credit conditions.
The MPC launched the strategy last month and has bought up almost 26.5 billion in Government and corporate debt so far under a three-month programme.
The committee is monitoring the impact of QE on the wider economy every month but announced no changes to the scale of the operation today.
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Weather for Edinburgh
Wednesday 23 May 2012
Today
Sunny spells
Temperature: 11 C to 21 C
Wind Speed: 13 mph
Wind direction: North east
Tomorrow
Sunny spells
Temperature: 12 C to 21 C
Wind Speed: 10 mph
Wind direction: North east
