Bank maintains 0.5% base rate and leaves QE unchanged

Following its latest monthly meeting, the MPC said in a statement interest rates had been left at the record low level of 0.5%, with QE held at £325bn. There had been growing expectations that, with the economy shrinking and the latest stimulus programme coming to an end, a further injection would be announced. The Bank has opted against additional stimulus for now, despite recent woeful economic data and the worsening sovereign debt crisis in Europe. The latest readings showed the UK economy fell back into recession in Q1, after official figures showed GDP fell by 0.2%, following ...