British interest rates on hold at 0.5%

THE Bank of England (BoE) has kept its key interest rate at a record low of 0.50 per cent.

The bank's Monetary Policy Committee (MPC) remained in "wait and see" mode again this month, maintaining its quantitative easing (QE) program at STG375 billion ($A575.59 billion).

The BoE's decision comes amid mounting concerns that Britain's economy slipped back into the red in the final quarter of 2012 following figures suggesting the dominant services sector contracted in December for the first time in two years.

The MPC is expected to hold off from any further QE action until the picture becomes clearer.

Anna Leach, head of economic analysis at the CBI business group, said: "A change in monetary policy was unlikely this month, given that the UK economy continues to send out mixed signals.

"We're not expecting any change in monetary policy over the next few months, unless compelling evidence of a renewed downturn emerges."

The BoE has held rates at 0.5 per cent since March 2009 as the British economy has struggled to recover from the financial crisis.

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