06 December 2012 12:37 [Source: ICIS news]
LONDON (ICIS)--The Bank of England (BoE) on Thursday maintained UK interest rates at 0.5%, and held off from introducing any new quantitative easing (QE) spending.
The bank’s Monetary Policy Committee (MPC) was expected to have finished working through the most recent £50bn ($80.6bn, €61.7bn) tranche of QE funding last month, and may be called upon to expand the spending programme in the near future from its current level of £375bn due to concerns over a slowing economy.
The bank last increased QE spending in July this year, unlocking an additional £50bn funding. Interest rates have been held at 0.5% since March 2009.
The UK economy exited recession in the third quarter of the year, expanding by 1% according to the most recent data from the National Institute of Economic and Social Research.
($1 = £0.62, €1 = £0.81)
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