Bank of England holds key interest rate at 0.5 pct

The Bank of England has held its base lending rate at an all-time low of 0.5 percent, as analysts expected, despite mounting concerns about high inflation. The Bank's Monetary Policy Committee on Thursday also announced no new funding for its economic stimulus program of asset purchases, known as quantitative easing. The rate has remained at the current record low since March 2009. The central bank is trying to support economic growth and attributes the rise in inflation largely to external factors like oil prices, which are beyond its control. Associated Press