Interest rates put on hold
News Category: Industry News
Published: 09-Apr-2009
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Landlords and those in the residential lettings industry will have been waiting to hear today's interest rate decision by the Bank of England's monetary policy committee (MPC).
As predicted by many industry observers, the MPC opted to keep the base rate at 0.5 per cent.
It is the first time since September 2008 that the rate has not been reduced - as the Bank has tried to ease the cost of borrowing in the current tough economic climate.
During today's meeting, the minutes of which will be published on Wednesday April 22nd, the committee also voted to continue with the programme of asset purchases totalling £75 billion financed by the issuance of central bank reserves.
This initiative was announced on March 5th and has so far brought in a total of just over £26 billion since the MPC's last meeting and will be completed in the next two months.
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