THE Bank of England has held UK interest rates at a record low of 0.5 per cent for another month.

The size of the Bank's economic stimulus programme - quantitative easing - was also unchanged at £375bn.

Rates have been at 0.5 per cent for five years, but as the economy recovers there are expectations of a rise early next year.

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At the last Bank’s Policy Monetary Committee meeting in August, two members - Ian McCafferty and Martin Weale – voted to raise interest rates to 0.75 per cent. Minutes of this month's meeting, due next week, will confirm if any more have been persuaded.

Bank governor Mark Carney has made clear that any rate rises would be small and gradual.