The Bank of England’s Monetary Policy Committee have again today voted to keep the base rate at its historical low of 0.5% and have also decided not to increase quantitative easing, currently standing at £275bn. 

Consumer Prices Index (CPI) inflation rate fell to 5.0% in October from 5.2% the previous month and although this is higher than the Government’s target, the instability of the worldwide economies continues to be the principal factor in the MPC’s decision-making. 

Many economists now believe that the Base Rate will remain at its current level for the foreseeable future.

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