Thursday, August 5, 2010
UK Base rate remains at record low
The Bank of England has voted to keep interest rates on hold at 0.5% amid concerns over the strength of the economic recovery. The decision by the bank's Monetary Policy Committee (MPC) means rates will stay at their current record low for an 18th month. Inflation remains well above the bank's target rate of 2% on the Consumer Prices Index (CPI) measure, at 3.2%. Meanwhile recent economic data has cast doubt over the strength of UK economy.