BoE maintains ultra low interest rate, QE scale

The Bank of England (BoE) Thursday voted to keep its main interest rate bank rate unchanged at 0.5 percent, and quantitative easing (QE) policy at 375 billion pounds (577 billion U.S. dollars).

The decision is within the market's estimation consensus. It was the 76th month that the central bank maintaining this ultra low interest rate.

The BoE cut the interest rate to a record low of 0.5 percent in March 2009, to mitigate impacts brought about by the financial turmoil and euro zone sovereign debt crisis.

The previous change in the size of that QE scale, or asset purchasing program, was an increase of 50 billion pounds to a total 375 billion pounds in July 2012.

Martin Beck, senior economic advisor to the EY ITEM Club, comments in a note: "Looking ahead the odds of the majority of the Committee voting for a rate rise anytime soon look slim."

"Inflation is set to remain close to zero for much of the year and recent falls in commodity prices threaten a return to deflation. At the same time, sterling's ongoing strength is making life increasingly difficult for exporters," he added.

British consumer prices index (CPI) grew merely 0.1 percent in the year to May 2015, according to the Office for National Statistics (ONS).

The minutes of this month's policy meeting will be published in July 22. (1 pound = 1.54 U.S. dollars) Endit