No Change From Bank

The Bank of England has decided to hold interest rates at 0.5% and maintain quantitative easing at £325bn.

Dr Brian Sloan, Chief Economist at Greater Manchester Chamber of Commerce, said: “The Bank of England’s decision to hold the interest rate at 0.5% and maintain quantitative easing at £325bn comes as no surprise, however the outlook remains uncertain given the ongoing Eurozone crisis.

“We would have preferred to have seen more action by the Bank to support the regional economies through investment in infrastructure and private sector assets, which it really should have done already.

"Should the situation in Europe deteriorate, action after the event will be too late to avoid some of the worst consequences, such as business failures and increasing levels of unemployment that have a devastating impact on people’s lives and will add to the country’s financial difficulties.”