There has been no change in the rate for over six years, with the committe voting to freeze it again today.
In a statement the Bank said today: "The Bank of England’s Monetary Policy Committee at its meeting on 8 July voted to maintain Bank Rate at 0.5%. The Committee also voted to maintain the stock of purchased assets financed by the issuance of central bank reserves at £375 billion.
"The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.5% 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."
Recent speculation from experts has suggested the US might raise its rates in the Autumn which could lead to the bank to increase rates in the UK.
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The base rate has been unchanged for an unprecedented period. Some commentators have said that with low inflation and little sign of the economy overheating, an increse to the base rate is unlikely before 2016 at the earliest.