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Bank of England votes to keep base rate at 0.5%

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The Bank of England’s monetary policy committee has again voted to keep base rate at 0.5 per cent.

The decision makes it 81 months since the BoE last changed base rate.

The committee voted eight to one in favour of holding rates and was unanimous in wanting to hold the current programme of quantitative easing at £375bn.

The BoE says: “All members agree that, given the likely persistence of the headwinds weighing on the economy, when Bank rate does begin to rise, it is expected to do so more gradually and to a lower level than in recent cycles.  This guidance is an expectation, not a promise.  The actual path Bank rate will follow over the next few years will depend on the economic circumstance.”

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