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MPC holds both QE and rates at March meeting

The Bank of England’s Monetary Policy Committee voted to keep interest rates on hold at 0.5% and to maintain the size of the asset purchase programme at its March meeting.

The committee boosted the size of its asset purchase programme by £50bn in its February meeting, taking it to a total of £325bn.

Vicky Redwood, chief UK economist at Capital Economics, says interest rates could stay at their record low of 0.5% until 2015.

She says: “While the consensus is now that the MPC is unlikely to extend its asset purchases any further, we still expect more quantitative easing later this year.”

The firm expects MPC members to revaluate QE in its May meeting.

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