British central bank keeps policies unchanged

Aug. 1, 2013 at 10:21 AM

LONDON, Aug. 1 (UPI) -- The Bank of England said Thursday it would keep its current monetary policies intact.

The central bank, which explains its monetary policy decisions through meeting minutes released three weeks after the fact, said it would keep its overnight lending rate at 0.5 percent and continue with its $581.3 billion asset purchasing program.

The announcement was widely expected. The British economy is crawling out of a recession. In the first quarter, Britain's gross domestic product grew a nominal 0.3 percent. In the fourth quarter of 2012, the GDP shrank by 0.3 percent, data from the Office of National Statistics shows.

Related UPI Stories
Latest Headlines
Trending Stories
Boehner delays House vote for new speaker
NASA releases thousands of Apollo mission photos on Flickr
FDA approves new treatment for advanced lung cancer
U.S. Marines introduce 29 gender-neutral jobs
Snowden: U.S. won't respond to offers to serve prison time