UK interest rates remain on hold at record low of 0.5pc

LONDON, Nov 10 (BBC): UK interest rates have been held at a record low of 0.5% by the Bank of England's Monetary Policy Committee. Worries about the strength of the economic recovery meant that economists had expected rates to remain unchanged. Interest rates have been kept at 0.5% since March 2009. The Bank did not announce any increase in its policy of quantitative easing (QE). Last month, the Bank said it would inject another £75bn into the economy through QE. Lee Hopley, chief economist at EEF manufacturers' organisation, said: "There were unlikely to be any further announcements this month following last month's decision to extend the Bank's asset purchase programme. "However, ahead of the November inflation report the committee is likely to be looking at a much weaker set of growth forecasts, where the potential risks to the economy have increased significantly. "With growing turbulence in Europe, the possibility of further action can't be taken off the table," she said. The new inflation and growth forecasts will be published by the Bank on Wednesday. Minutes from this week's MPC meeting will be published on 23 November.