BoE maintains base rate at 0.5 pct

The Bank of England (BoE) continued to maintain its base rate at 0.5 percent, as the economic recovery continues to remain uncertain and financial crisis continues to worsen in the eurozone.

The last change in the bank rate was in March 2009, when the BoE also announced an asset purchase program and raised it by 25 billion pounds in November to a total of 200 billion pounds.

The BoE said it is also maintaining its asset purchase program, as inflation continues to remain over the bank's 2 percent target.

Inflation was 3.2 percent in October, remaining above the target for the eighth month in a row. The Monetary Policy Committee members have been split over the policy changes over the past several months.

Minutes of Thursday's meeting will be announced on 22^nd December, giving an indication if there have been changes in the committee's stance.

According to the last meeting, the MPC was split three ways, with seven members voting to keep the current plan unchanged and two voting otherwise.

One member, Adam Posen, had voted to continue to maintain the base rate at 0.5 percent but increase the size of the asset purchase. Another member, Andrew Sentance, had voted to cut the bank rate, while maintaining the asset purchase.