By Marcus Leach

Despite the current economic outlook, both nationally and globally, being less than favourable, the Bank of England have decided not to offer any assistance to the economy.

The decision not to add to the quantitative easing programme, or change the current 0.5% interest rate, comes on the back of disappointing manufacturing data that shows the downturn in the sector has reached its lowest point in three years.

“With the latest extension of QE launched only last month, there was no great expectation for any new announcements from the MPC today," Anna Leach, CBI Head of Economic Analysis, said.

“The Funding for Lending Scheme is now up and running, which, alongside the current round of asset purchases, should provide some support to businesses.

“However, the outlook for the UK economy remains fragile, particularly in light of the disappointing official data for the first half of the year and the recent slowdown in global momentum.”

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