Bank keeps rates at 0.5% and holds fire on QE

Members of the Monetary Policy Committee (MPC) voted to keep rates at their historical low - where they have remained since March 2009 - and maintained the Bank's quantitative easing (QE) programme at £325bn. The decision to hold fire on additional stimulus measures comes as various economic indicators suggest the recovery is gaining momentum. Surveys pointing to a pick-up in the services and construction sector have fuelled hopes the UK will avoid a technical recession - defined as two successive quarters of negative economic growth. UK GDP contracted 0.3% in the final quarter of ...