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Base rate held and no more QE

The Bank of England’s monetary policy committee has decided to hold base rate at a record-low 0.5% for the 39th consecutive month and to keep its programme of quantitative easing at £325bn.

Base rate was cut to 0.5% in March 2009, on the same day the Bank initiated a programme of QE worth £75bn.

In February, the Bank voted to increase the size of its QE programme by £50bn to £325bn. This latest round of QE completed last month.

The minutes of last month’s MPC meeting show David Miles was the only member – out of nine – to vote for QE to be increased, arguing for a further £25bn.

Ben Thompson, managing director at Legal & General Mortgage Club, says: “With the economy still very uncertain it is no surprise to see interest rates remain unchanged and this is a good thing, as hopefully it will continue to encourage people who want to move house to think about doing so.”

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