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The Bank of England has decided to keep the current interest rate on hold. The current rate of 0.5% is the lowest it has been and although popular with borrowers has caused worry and frustration for savers and particularly pensioners whose pensions are being severely stretched.
The bank began cutting rates back in October ’08 and has continued to do so on almost a monthly basis, this is the first time since then that it has allowed the rate to remain the same two months in a row.
The bank announced last month that it would buy £75billion worth of assets over a three month period and it has this week confirmed its plan is still viable and will continue to be implemented.
It has currently seen around £26 billion worth of assets purchased and although the bank has the power to speed up or slow down its purchases, has chosen not to do so although some commentators are concerned that there will not be enough time to complete the full programme of purchases.
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Grovelawn Limited is Registered in England & Wales number 5030300. Registered Address: 98 Station Road, Sidcup, Kent, DA15 7BY.
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