Thursday, April 04, 2013 7:20 am
Bank of England keeps monetary policy steady
The Associated Press
The Monetary Policy Committee's decision Thursday follows gloomy data this week on construction and manufacturing activity, with March readings coming in worse than expected.
With public sector borrowing already high, the government is refusing to increase spending or cut taxes significantly. So much of the burden to revive the ailing British economy has fallen on the Bank of England.
In an effort to stimulate growth in the wake of the financial crisis, the central bank has kept its key interest rate at a record low 0.5 percent since March 2009 and pursued a monetary stimulus program at 375 billion pounds.