NEWS

Interest Rates on Hold at Historic Low.

The Bank of England paused for breath today in its battle to combat the economic slump, holding interest rates at 0.5 per cent and staying its hand over any other changes in its recession-fighting strategy of quantitative easing.

The Bank switched to a “wait and see” stance after a six-month long scramble to shore-up the economy with drastic interest rate cuts and, since last month, a radical move to jump-start growth by “printing money”.

The noon verdict from the Bank’s Monetary Policy Committee confirmed City predictions that official interest rates would be left on hold at their present 315-year low of just 0.5 per cent.

<< BACK