Interest rates stay put at 0.5%

After being reduced to 0.5% in March, the Bank of England has announced that interest rates are to be kept at 0.5% for the time being, the first time the rate hasn’t changed since last September. The Bank of England also reported that some £26.4bn has already been injected into the economy, as the Bank continues with its ‘quantitative easing’ lending process. This stall in changing the interest rates highlights how highly the Bank of England is prioritising its attempts to encourage banks to start lending again, therefore boosting credit and raising the ‘nominal spending’ (the cash value of spending) in the economy.

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