Bank of England keeps interest rates on hold

Monetary policy committee votes to retain record low rate of 0.5% amid global uncertainty and brittle UK recovery

The Bank of England has kept interest rates on hold this month, noting volatility in global markets and highlighting a sharp fall in oil prices that is likely to keep inflation low.

Members of the Bank's nine-member monetary policy committee (MPC) voted eight to one to leave rates at 0.5%, where they have been since March 2009, in a repeat of recent votes. Sticking to his recent stance, only Ian McCafferty voted for a rise to 0.75%.

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