The Bank of England’s Monetary Policy Committee has held base rate at 0.5 per cent and its programme of quantitative easing at £375bn.
Base rate has remained at its current level since March 2009, when the MPC first voted to cut rates to record-lows in a bid to help stimulate the economy. On the same day the MPC launched its programme of quantitative easing.
The quantitative easing programme was increased by £50bn to £375bn in July 2012, though the committee has voted in factions since then with some members, including former governor Mervyn King, voting in favor of a further increase to the programme.
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