Interest rates remain unchanged

The Bank of England has announced that it’s keeping the base rate steady at a record low of 0.5%.

It’s now been at the same level for more than three years.

In addition, the nine-member Monetary Policy Committee, which met on Thursday for its monthly meeting, also announced that it has frozen the quantitative easing (QE) programme.

The QE asset purchase programme currently stands at £325 billion following a further addition of £50 billion in February.

In a statement, the bank said: "The committee expects the announced programme of asset purchases to take another month to complete. The scale of the programme will be kept under review."

Analysts have predicted that the government will wait until later in the year to assess the effect of QE before deciding whether to take further action.

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