Bank of England keeps key rate at 0.5 per cent, stimulus program on hold as economy recovers

LONDON – Bank of England policymakers have kept interest rates steady and declined to pump more money into Britain’s economy amid signals of recovery.

The Monetary Policy Committee kept the benchmark interest rate at a record low 0.5 per cent and voted against boosting the monetary stimulus program. The bank has pumped 375 billion pounds ($600 billion) into the economy through its bond-buying program over the past five years.

The decision announced Thursday was widely expected.

Britain’s economy is one of the fastest-growing among developed countries. It expanded by 0.8 per cent in the first quarter compared with the previous three-month period.