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Bank of England leaves interest rates on hold amid uncertainty over Greece

LONDON – The Bank of England has left interest rates at the record low of 0.5 per cent as the current turmoil in Greece underscored the wariness about the strength of the economic recovery.

Policymakers were facing little pressure to raise rates. Inflation remains subdued at 0.1 per cent, well below the target of 2.0 per cent

Howard Archer, chief European economist at IHS Global Insight, says policymakers want to wait to see how the European Union deals with the problems of Greece — and to see how badly the rest of the eurozone could be hit.

The bank also refrained Thursday from pumping more money into the economy, leaving its asset purchases at 375 billion pounds.