BoE maintains bank rate at 0.5%

The Committee also voted to maintain the stock of purchased assets financed by the issuance of central bank reserves at £375 billion.

The minutes of the meeting will be published at 9.30 a.m. on Wednesday 17 December.

Barry Naisbitt, Chief Economist at Santander UK said:

“The Monetary Policy Committee’s decision to hold Bank Rate today was, once again, not a surprise.

"Although last month’s decision to hold rates continued the run of split votes, with two MPC members voting for an increase in rates, the incoming economic news over the past month has not been strong enough to support a change in view for the majority of MPC members.  

"The latest indicators of economic activity are continuing to show steady growth and the unemployment rate has now fallen to 6%. Aided by falling oil prices, inflation is now at 1.3% and the Bank of England expects it to fall in the coming months. The low inflation backdrop should provide scope for the MPC to continue to hold rates at their current level for a while longer."