MPC leaves Bank rate on hold

The Bank of England's Monetary Policy Committee voted yesterday to keep interest rates on hold at their record low of 0.5%. Markets have pushed back the expected date of the UK's first rate rise from early 2015 to the first quarter of 2016. The change in sentiment can be seen in a pronounced gilt-market rally that has pushed yields on 10-year gilts down more than 1 percentage point to 1.63%. Chris Williamson, chief economist at Markit, said: 'Rates look unlikely to start rising until the second half of the year, and could even be delayed until 2016 if the economic data deteriorate in the coming months.'


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