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.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
B-52 bombers demo long reach of U.S. air power
Army orders tactical trucks from Oshkosh
Reddit CEO Ellen Pao offers to improve communication in wake of firing scandal
Oil markets hammered by Greece, Iran and China
Eni starts production at giant Venezuelan gas field