Rate decision backed by whole of MPC

The Bank of England’s Monetary Policy Committee (MPC) unanimously agreed to hold the base rate at 0.5 per cent again, minutes of the body’s October meeting have revealed.

All nine were agreed both that there should be no change to the level of interest, or the amount of quantitative easing taking place.

It is the seventh month in succession that the group has kept the rate at its record low figure, without one single dissenting vote in this time.

Such continuity may suggest that rates will continue to stay low, which could help those looking for a loan to find a more favourable deal than anything they may have taken out before the base rate cuts between October 2008 and March this year.

Further good news from the Bank came from it’s governor Mervyn King in a speech last night.

As well as predicting that the second half of this year will show the UK economy growing again, he said the level of credit availability is set to rise.

Leave a Reply

Your email address will not be published. Required fields are marked *