Bank Of England (BOE) Keeps Interest Rates At 5%

Banking, finance, and taxes

Published: July 4, 2013 8:38 am

Following the lead of the Federal Reserve, the Bank of England kept interest rates low at .5%. It is certainly a sign that the BOE believes that the U.K. is nowhere near an economic recovery. As a matter of fact, the BOE may be worried that the global economy has slowed, that that the effects of this could spread to the U.K. where government austerity measures have likely constrained GDP improvement

In its statement, the BOE said:

The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375 billion.

Are You Ahead, or Behind on Retirement? (sponsor)

If you’re one of the over 4 Million Americans set to retire this year, you may want to pay attention.

Finding a financial advisor who puts your interest first can be the difference between a rich retirement and barely getting by, and today it’s easier than ever. SmartAsset’s free tool matches you with up to three fiduciary financial advisors that serve your area in minutes. Each advisor has been carefully vetted, and must act in your best interests. Start your search now.

Don’t waste another minute; get started right here and help your retirement dreams become a retirement reality.