UK interest rates kept at record low

UK interest rates have been held at 0.5 per cent for another month, the Bank of England has said. The decision by the Bank's Monetary Policy Committee comes five years after the record low level was first introduced. It is the first rate decision since the bank amended its "forward guidance" policy that linked borrowing rates to unemployment figures. Rates are unlikely to rise before the spring of 2015, analysts believe. The Bank also kept its £375 billion quantitative easing (QE) programme unchanged. The half-decade of ultra-low interest rates has seen returns on savings hammered, while mortgage borrowers have reaped the benefits of lower repayments, according to a news agency.