Bank of England holds key rate steady

The Bank of England maintained interest rates at 3.5% on Thursday, as widely expected.

Source: Associated Press

The Bank of England held its key interest rate steady as expected at 3.50 percent Thursday, its lowest level for 48 years.

The base rate is what the Bank of England charges on loans to commercial lenders and is viewed as a benchmark for loans to companies and individuals. In July, the bank cut its rate from 3.75 percent in an effort to revive flagging exports and retail spending.

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