Bank holds interest rates at 0.5%

The Bank of England's Monetary Policy Committee (MPC) has voted to keep the interest rate at 0.5%, marking three years of the record low figure.

Members also voted to keep the quantitative easing (QE) asset purchase programme at £325bn, having increased the size of the scheme by £50bn last month. The Bank originally lowered the base rate to 0.5% in March 2009 in reaction to the global financial crisis. Between February and May 2011, three of the MPC's nine members voted to increase the rate, although the decision to maintain it at its current rate has been unanimous since August. The QE programme was increased by £50bn in February, following a £75bn increase in October. According to the National Association of Pension Fu...