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Bank of England decides to retain base rates at 0.5%

The Bank of England Monetary Policy Committee has today decided to retain UK rates at 0.5% with no further investment into the bank's quantitative easing program. The lack of activity at today's meeting was fully expected as we await the general election and the appointment of the next government. Whether we see any immediate action after the election remains to be seen as recent news seems to be suggesting an upturn in UK economic activity which many believe will continue into the second quarter and the second half of 2010.

It was also interesting to see that the OECD also believes that the UK is coming out of recession and could indeed be one of the stronger economies within Europe and around the world in the second quarter of 2010. This is a significant turnaround from comments made towards the end of 2009 and early 2010 which appeared to indicate that the UK was struggling and UK economic policies were not working.

There is still some concern about a potential double dip recession, the threat of inflation and the threat of deflation but ultimately the economy seems to be forming something of the base from which many believe we will see growth in the second half of 2010.

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