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Interest rate held at 0.5%

The Bank of England has held the interest rate at a record low of 0.5% and maintained the funding for stimulating economy at £375m, despite mounting pressure to implement emergency measures to avoid a triple dip recession.

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Bank of England 'missed opportunity' to invigorate economy

Some economists believe the Bank of England missed an opportunity today to invigorate Britain's economy by not increasing the money supply through quantitative easing.

The consensus expectation was that QE [quantitative easing] will be expanded in November. Ours was - why wait? We expect next week's Inflation Report to show a slashing in the Bank's projections, with a GDP growth projection for 2012 close to zero... We suspect that the committee was loathe to respond to an early estimate of GDP that was heavily affected by the weather and a lost working day.

– Julian Moosuddee, Scotia Capital

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