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Bank of England maintains interest rates at 0.5%
Posted by Emily Swanson
Consumers in the UK will face at least another month of record low interest rates, it has emerged.
The Bank of England has announced that the country's base rate will remain at 0.5 per cent throughout this month after policymakers decided the economy is not yet strong enough to handle a hike in the wake of the global economic downturn.
Officials at the Bank's Monetary Policy Committee have maintained the figure at its historically low level since March 2009 in order to nurse the economy back to health following the recession.
And research conducted by the BBC suggests that the feeling among experts is that this trend will continue for some time yet.
The news source questioned 32 leading economists with regard to interest rates and 26 indicated their belief that the figure will not change for the rest of 2011.
Meanwhile, three of this group of analysts stated the rate is not going to be increased until 2013.
04/08/2011 15:35
News category: Consumer