Base rate held and no more QE

Thursday, 8th March, 2012

The Bank of England’s monetary policy committee has decided to keep base rate at 0.50% for the 36th month running and decided to keep its programme of quantitative easing at £325bn. Last month, the MPC voted to increase the size of QE by £50bn to £325bn. The minutes for last month’s meeting reveal all nine MPC members voted to keep base rate at 0.50%. The minutes for this month’s meeting will be published later this month. Base rate was cut to 0.50% in March 2009, on the same day the BoE initiated a programme of QE worth £75bn.