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Bank of England Holds Interest Rate at Record Low 0.50 Percent

Bank of England Holds Interest Rate at Record Low 0.50 Percent

The Bank of England announced Thursday that policymakers have voted again to keep its key lending rate at a record-low 0.50 percent, where it has stood since March 2009.

The central bank added that it also opted to maintain the level of cash stimulus in the economy at £375 billion ($641 billion, 471 billion euros).

Both decisions were in line with market expectations and were shrugged off on the London stock market.

The BoE will meanwhile publish minutes from its two-day policy gathering on July 23.

Thursday’s decision was the first since BoE governor Mark Carney warned last month that interest rates could rise sooner than financial markets had previously thought.

The pace of Britain’s economic recovery has intensified pressure for a rise — but policymakers have also been urged not to take any action that could put growth in jeopardy by saddling firms with higher borrowing costs.

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