Interest rates to remain at 0.50% (8 September 2011)

The Bank of England’s Monetary Policy Committee has voted to keep base rate at 0.5 per cent for the 30th consecutive month.

The Bank of England’s Monetary Policy Committee has voted to keep base rate at 0.5 per cent for the 30th consecutive month.

The committee also voted to keep its programme of quantitative easing at £200bn.

The last rate change was on March 5, 2009, when it was reduced from 1 per cent to 0.5 per cent. On the same day, the Bank of England initiated a £75bn QE programme.

The most recent change to the size of the programme, on November 5, 2009, was an increase of £25bn, bringing the total to £200bn.

Legal & General Mortgage Club managing director Ben Thompson says: “We expect rates to remain unchanged for a long time with QE kept under constant review and this will be tremendous news for borrowers but quite the opposite for savers, many of whom have had to dig deep into their savings to boost their income and cover costs.”

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