Bank of England leaves interest rates untouched
The Bank of England has decided to make no change to the base rate of interest this month, a decision which may benefit those with savings accounts in the UK.
The Bank of England has announced that it will not make any changes to the base rate of interest this month, a decision which could be good news for savings account holders in the UK.In its monthly meeting, the bank's monetary policy committee (MPC) voted to leave the rate at 0.5 per cent. This may induce high street savings account providers to leave their savings account rates similarly untouched.
The Bank of England also announced that it will be continuing with its asset purchase programme.
In a statement, it said: "The committee noted that since its previous meeting a total of just over £26 billion of asset purchases had been made and that it would take a further two months to complete that programme."
The Bank of England's MPC has previously cut the base rate of interest by at least 0.5 per cent every month since November last year, a move which has contributed to the falls in high street savings account rates in the UK.
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