The key uncertainty ahead of this month’s Monetary Policy Committee meeting had been whether the bank would extend quantitative easing (QE) under its asset purchase programme (APP). The three month extension of the APP appears to have dampened any real prospects of a rise in bank rate during 2009, which may have been raised following last month’s decision to maintain the previous APP limit.
Barclays go on to forecast that the Bank of England base rate is likely to reach 1.75% by August next 2010
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