UK interest rates kept on hold at record low of 0.5%

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UK interest rates have been held at their record low of 0.5% by the Bank of England’s Monetary Policy Committee, a decision which was widely expected in light of disappointing Christmas sales in the retail sector and a sharp downturn in industrial output at the end of last year, coupled with general uncertainty in the Eurozone. Interest rates have now been maintained at this rate since March 2009.

On a more positive note, according to estimates by the National Institute of Economic and Social Research,  the economy did grow marginally in the last quarter, enough to avoid the risk of recession. Let’s hope for more positive growth throughout 2012.

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