BoE holds rates and extends quantitative easing

Monetary policymakers are also opted to increase its quantitative easing programme by £50bn. Interest rates remain at their historic low of 0.5%, with no further cuts likely, though it is unclear when rates will begin to rise again. However, in a surprise move, the BoE increased its quantitative easing programme to a total of £175bn. The Treasury is likely to have approved the move, as the central bank previously only had an additional £25bn allocated for quantitative easing.