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UK interest rates remain unchanged
The Bank of England has decided to keep interest rates unchanged for another month.
A meeting of the Monetary Policy Committee decided to keep the official bank rate at 0.5 per cent.
The committee noted that "sluggish growth" was recorded in the UK economy in the final quarter of 2009. Figures from the Office of National Statistics show that gross domestic product grew 0.1 per cent in the final three months off last year.
In a statement it said that household spending seem to have improved "though that may partly reflect temporary factors", while "pay growth has remained subdued".
The committee explained: "Credit conditions are likely to remain restrictive...On balance, the committee believes that the prospect is for a gradual recovery in the level of activity."
Interest rates have been at historically low levels since March 2009 when the decision was taken to cut the rate by 0.5 percentage points. The next meeting of the Monetary Policy Committee is due to take place on March 4th.