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Bank of England stands pat on policies

Oct. 10, 2013 at 10:43 AM

LONDON, Oct. 10 (UPI) -- The Bank of England said Thursday that it would keep its monetary policies intact, including its overnight lending rate and its asset purchasing program.

The central bank, which explains its policy decisions with meeting minutes released in three weeks, said it would continue with its 0.5 percent interest rate for bank to bank loans and its $598 billion asset purchasing program.

Both policies provide liquidity for the financial sector, which theoretically allows commercial banks to provide more loans that could stimulate economic growth.

The central bank has said it would keep its lending rate where it is until the unemployment rate improved to 7 percent or lower, although bank Gov. Mark Carney said 7 percent was more of a guideline than a hard and fast rule.

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