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Interest rate held at 0.5%

The Bank of England has held interest rates at 0.5% for the third month in a row.

The bank’s Monetary Policy Committee voted to maintain the rate at its meeting this morning.

The Bank of England lowered the interest rate from 1% to a record low of 0.5% in March, which was the sixth time the Bank had reduced interest rates since October last year.

Today’s decision to maintain the rate had been widely expected and is likely to be welcomed by retailers.

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