In a expected decision, the Bank of England’s Monetary Policy Committee (MPC) has decided to keep the cost of borrowing unchanged at 0.5% for the fourth month in a row.

Given the weakeness of the economy, the slugglishness of the housing market and not having much room to move on interest rates, the decision was expected. However, the Bank did say it was not planning to extend its quantitative easing scheme under which it creates money to buy bonds in order to stimulate the economy.