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Interest rates held at 0.5%

The Bank of England has held interest rates at 0.5%. This marks the sixth consecutive month the record low rate has been maintained.

The Bank’s Monetary Policy Committee voted to maintain the official bank rate and also said it would continue with its £175bn asset purchase scheme financed by central bank reserves but would not extend the scheme further.

Interest rates are not expected to rise until at least November, despite the UK economy showing signs of gradual recovery.

The £175bn quantitative easing programme was increased last month by £50bn from its previous £125bn level.

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