UK interest rates have been left unchanged again at 0.5% by the Bank of England’s rate-setters.

Eight of the nine rate-setters on the Monetary Policy Committee (MPC) voted for no change, with one voting for a rise.

The Bank rate has been at the record low of 0.5% since March 2009.

A number of economists have been pushing their expectations of the first UK interest rate rise from the end of 2016 into the start of 2017.

The Bank said: “All members agreed that, given the likely persistence of the headwinds weighing on the economy, when Bank rate does begin to rise, it is expected to do so only gradually and to a level lower than in recent cycles.

“This guidance is an expectation, not a promise.”

Ian McCafferty, one of four external members of the MPC, has been voting for a rate rise for several months and had the same view at the latest meeting.

Comments are closed.