Interest rates to remain at 0.5% for 19th consecutive month

The Bank of England's Monetary Policy Committee (MPC) has decided to keep UK interest rates at the record low of 0.5% for the 19th month running. It will also stick with the £200 billion quantitative easing (QE) programme and, as of yet, has no plans to expand it further. Last month MPC member Andrew Sentance voted for a rate rise for the fourth consecutive month and fellow committee member Andrew Posen called for an expansion in QE - the policy of injecting money into the economy to increase the supply of money and prompt demand.