By Marcus Leach

The Bank of England's Monetary Policy Committee once again held interest rates and the current level of quantitive easing, as has become the monthly trend.

The quantitative easing (QE) programme remains at £375 billion, with interest rates unchanged at 0.5%.

Incoming Bank governor Mark Carney has said he is open to reviewing the UK's monetary policy framework. The Bank of England sets interest rates to achieve a certain level of inflation, but some believe its remit should include focusing on growth.

"Flexible inflation targeting, in my opinion, is the most successful monetary policy framework that has been in existence. And so the bar for change to that framework, the overall framework, is very high," Mr Carney said.

"But I would note that there seems to be an appetite for some debate about what exactly the framework is, and what alternatives could be to it, and that should be encouraged."

Katja Hall, CBI Chief Policy Director, said: “With business surveys showing some strengthening in activity, change was unlikely this month.

“We expect fairly subdued conditions to continue in the coming months, but unless the economy falters, monetary policy seems likely to stay on hold.”

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