Bank holds interest rate at 0.5%

Members also voted to keep the quantitative easing (QE) asset purchase programme at £325bn. The Bank originally lowered the base rate to 0.5% in March 2009 in reaction to the global financial crisis. Between February and May 2011, three of the MPC's nine members voted to increase the rate, although the decision to maintain it at its current rate has been unanimous since August. The QE programme was increased by £50bn in February, following a £75bn increase in October. According to the National Association of Pension Funds, QE has knocked £90bn off the value of final-salary schem...