Bank holds rates and resists further QE

The decision has been made against a backdrop of weak growth and high inflation in Britain, as well as an uncertain outlook for the eurozone. It follows the surprise decision by the ECB to cut rates by a quarter percentage point to 1.25%. Last month, the Bank's Monetary Policy Committee (MPC) increased its quantitative easing programme by £75bn in a bid to boost the UK's ailing economy. The move took its asset purchase programme to £275bn. The latest figures for the UK show CPI inflation hit 5.2% in September, well above the Bank's 2% target.