Interest rates held at 0.5%

Bank of England governor Mervyn King is reported to have said that interest rates will remain low for years. (Photo by Oli Scarff/Getty Images)

Monetary Policy Committee votes to hold record low rate.

The Bank of England Monetary Policy Committee has confirmed that it will freeze interest rates at a record low of 0.5 percent.

The Monetary Policy Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion.

The freeze had been expected and Bank of England governor Mervyn King is thought to have told a leading economist that he believed interest rates in Britain would remain low for years.

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