Bank of England decides against pumping in extra cash

Author: By Russell Lynch, Press Association

The Bank of England’s Monetary Policy Committee (MPC) had been widely expected
to expand its quantitative easing (QE) programme – effectively printing
money – by £25 billion to £150 billion.

But the scale of the operation was left unchanged at £125 billion, while
interest rates were held at their current 0.5 per cent record low for the
fourth month in a row.

The decision comes despite concerns over the fragility of recent signs of
stabilisation in the economy following a steep decline.

Manufacturing output showed a surprise fall in May, while official figures
have shown a far worse than expected 2.4 per cent slump in overall GDP in
the first three months of 2009 – the worst in more than 50 years.

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