The Bank of England has kept interest rates at 0.5% today after six months of consecutive cuts.
By cutting rates to a record low, the Bank's Monetary Policy Committee (MPC), has left little scope to make further adjustments.
The process of quantitative easing has already begun, with around £26.4bn of new money already pumped into the UK economy. The MPC is hopeful this move might help stimulate economic growth and prevent deflation, as interest rate cut have been ineffective.
There has been widespread criticism of the Bank of England for punishing savers with very low interest rates.
The MPC plans to continue its quantitative easing measures, with a further £50bn to be injected into the economy in the coming months, and a further £75bn available if needed.
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