UK interest rates held again at record low of 0.5%

The Bank of England’s Monetary Policy Committee has kept UK interest rates once more at a record low of 0.5%.

There has been no change to the Bank rate for 25 months, despite the fact that inflation is currently more than twice the Bank’s 2% target rate.

No new quantitative easing measures were unveiled.

Last month, three MPC members again voted for a rise, and it was revealed that consumer prices inflation rose again in February, to 4.4%.

Inflation continues to be boosted by rising commodities prices – not least the oil price, which is being driven higher both by strong demand from Asia and by supply worries due to the Middle East uprisings.

The Bank faces a dilemma over what to do on interest rates, and has chosen once again to wait and see.

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