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Bank Of England hold UK base rates

As expected, the Bank of England MPC committee has today confirmed that UK base rates will remain on hold for the sixth consecutive month. This came as no surprise to the UK market, with many expecting the move, although there was a small surprise with regards to the quantitative easing program which has been ongoing for some time.

Many had expected the Bank of England to put on hold the quantitative easing program, which is effectively pumping billions upon billions of pounds into the UK economy, in order to try and increase liquidity and improve economic activity. While the bank has confirmed that the final figure of £175 billion will not be extended, the program will continue for the foreseeable future even though there are signs of an economic recovery.

While some may see this approach by the Bank of England as over cautious, it would appear to have taken into account the views of many that the UK recession may well be coming to an end but we could see a relapse in 2010. Whether this is the case or not remains to be seen but an ultra-cautious approach at this particular juncture is not such a bad idea.

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