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Base rate stays at 0.5% until after election

Bank of England

The Bank of England's Monetary Policy Committee has left interest rates unchanged at 0.5% after its latest meeting – extending the run of record low rates since March 2009. The MPC is delaying the timing of its next meeting, with members due to make up their minds regarding interest rates on 8 May, the day after the election. It will announce its decision on 11 May. The City now believes the period of 0.5% interest rates will continue for some time after the election thanks to falling inflation. Vicky Redwood, UK economist at Capital Economics, expects the first interest rate rise will be delayed until next year.

 

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