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Bank of England holds interest rate at 0.5%

The interest rate has been maintained at 0.5% by the Bank of England.

The Bank of England’s Monetary Policy Committee voted to maintain the official bank rate paid on commercial bank reserves at 0.5%.

The decision means that the rate has been held for two consecutive months after a series of cuts.The Committee also voted to continue with its programme of asset purchases financed by the issuance of central bank reserves and to increase its size by £50 billion to a total of £125 billion.

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