Bank of England base rate held for 76th month

by Aaron Strutt

Jul 07 2015

The Bank of England’s Monetary Policy Committee (MPC) has voted to hold base rate at 0.5% for the 76th consecutive month.

The Bank has also voted to maintain quantitative easing at £375bn. 

Chris Williamson, chief economist at Markit, was quoted as saying: "With inflation at just 0.1pc, the Bank’s inflation target of 2.0pc is clearly still a long way off and, with ‘Grexit’ concerns casting a dark cloud of instability over the economic outlook, now is clearly not the time for central banks to be causing further uncertainty."

From next month, the Bank will release its monetary policy decision and the minutes on the same day, rather than waiting a few weeks. 

Earlier this year the new structure was announced in order to improve transparency and secure better decisions.