Interest Rates Remain on Hold

Just to confirm what we all expected, UK interest rates are unchanged following today’s meeting of the Monetary Policy Committee (MPC). The record low of 0.5% has been in place since March last year, and many economists don’t expect to see any change for some time.

The MPC also held their quantitative easing program at £200 billion which again was widely expected. The program should be completed next month, so February’s decisions should provide more insight into the committees thinking especially as the next inflation report will also be unveiled in February.

It is thought the UK returned to growth in the final quarter of 2009.

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