LONDON – The Bank of England has opted to keep interest rates at a record low of 0.5 per cent — marking its sixth calendar year in a row in which there’s been no change.
The Monetary Policy Committee voted 8-1 on Thursday to keep rates steady. With inflation at minus 0.1 per cent, there’s little pressure to act. The bank last changed rates in March 2009.
The bank suggested in its quarterly inflation report last month that a rise may be a year away.
That contrasts with action from other central banks. The U.S. Federal Reserve is expected to raise interest rates next week, while the European Central Bank cut a key rate earlier this month.