YEREVAN, February 5. / ARKA /. The Bank of England has kept its interest rates at 0.5% for the 71st month in a row, RIA Novosti reported citing a pres release of the regulator.
Last month, the Office for National Statistics said the UK economy grew by a slower-than-expected 0.5% in the last three months of 2014. Low oil prices and falling inflation in the UK have also removed any pressure on the Bank to raise interest rates.
The meeting of the Bank’s Monetary Policy Committee (MPC) in January saw all members of the Committee vote to hold interest rates at their current level. March’s MPC meeting will mark the sixth anniversary of the decision to cut interest rates to 0.5%.
If interest rates remain unchanged at the March meeting, it will mark the fourth longest period of time without a change since the founding of the Bank of England in 1694.-0-
