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Article posted: 12/6/2012 7:16 AM

Bank of England: no change in base rate, stimulus

George Osborne, U.K. chancellor of the exchequer, left, reacts with Danny Alexander, U.K. chief secretary to the treasury, as they leave the HM Treasury building for the Houses of Parliament in London, U.K., Wednesday. Osborne faces the prospect of breaching his self-imposed budget rules as an economy struggling to escape recession drives debt higher and erodes his political capital.

George Osborne, U.K. chancellor of the exchequer, left, reacts with Danny Alexander, U.K. chief secretary to the treasury, as they leave the HM Treasury building for the Houses of Parliament in London, U.K., Wednesday. Osborne faces the prospect of breaching his self-imposed budget rules as an economy struggling to escape recession drives debt higher and erodes his political capital.

 

Bloomberg News

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By Associated Press

The Bank of England has left its base interest rate unchanged and has not authorized any additional stimulus measures, a decision which was widely expected by the market.

Thursday's announcement by the Monetary Policy Committee left the bank's key rate at the all-time low of 0.5 percent, where it has been since March 2009.

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The Bank's program of so-called quantitative easing -- purchases of government bonds and other high-quality debt to boost credit activity -- remains at a total of 375 billion pounds ($604 billion).

Expectations of further stimulus measures this month evaporated after the U.K.'s gross domestic product rose by an unexpectedly strong 1 percent in the third quarter, ending a nine-month recession.

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