The Bank will continue to offer to purchase high-quality private sector assets on behalf of the Treasury, financed by the issue of Treasury bills, in line with the arrangements announced on 29 January 2009 and 29 November 2011.
The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.5 percent on 5 March 2009. A programme of asset purchases financed by the issuance of central bank reserves was initiated on 5 March 2009. The previous change in the size of that programme was an increase of £50 billion to a total of £375 billion on 5 July 2012.
This June's meeting marks the last monetary policy decision with Mervyn King as the head of the Bank of England. Mark Carney, who stepped down as Bank of Canada governor last week, takes over on July 1st.