The Bank of England’s Monetary Policy Committee has decided to hold base rate at 0.5 per cent for the 32nd consecutive month and to hold quantitative easing at £275bn.

The last rate change was on March 5, 2009, when it was reduced from 1 per cent to 0.5 per cent. On the same day, the Bank of England initiated a £75bn quantitative easing programme.

The quantitative easing programme was increased to £200bn in November 2009 and then increased by £75bn to £275bn last month. 

Minutes from the October meeting of the MPC showed all members voted for an additional £75bn of quantitative easing.

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