Bank holds base rate at 0.5%

The decision was widely expected by economists, despite weakening data on everything from growth to expansion of the money supply raising the prospect of further action later this year. Last month the Bank extended its quantitative easing programme by £50m to £375m in a bid to pull the UK out of its latest recession. Minutes from the Monetary Policy Committee's July meeting later revealed a 7-2 split in favour of the decision. Earlier this year the International Monetary fund said the Bank should consider options other than QE in order to stimulate the UK's sluggish economy, including...