interest rate

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The Bank of England (BoE) has kept interest rates at the historic low of 0.5% for the 33rd straight month, and held fire on additional quantitative easing measures after pumping an extra £75bn into the facility last month.

The deputy governor of the Bank of England has revealed how the Monetary Policy Committee (MPC) nearly raised rates earlier this year, before the downturn hit markets.

Speculation is mounting the Bank of England may be close to cutting base rates to 0.25% and pumping at least £50bn more into the economy through quantitative easing.

Overall lending for house purchases hit its highest level in almost a year in July, according to the latest figures from the Council of Mortgage Lenders (CML).

The Bank of England has kept interest rates at their record low level of 0.5% following the latest meeting of the Monetary Policy Committee (MPC).

The immediate future of the UK economy will not be dependant on a further round of quantitative easing (QE), a member of the Bank of England's rate setting body said yesterday.

Sterling has dropped against the dollar after the latest MPC minutes revealed no calls for a rate hike and opened the door to further QE.

An action group has called on the government to suspend income tax on savings interest due to what it said was a "deteriorating" climate for savers.

The Bank of England has held interest rates at their record low of 0.5% amid escalating concerns about the strength of the economy.