Bank of England Leaves Benchmark Rate at 0.5%


The Bank of England left its benchmark interest rate unchanged at 0.5%, a record low, on worries that Britain's economy recovery remains delicate.

"The economic recovery is still sub-par and will continue to be so for some time," Brian Hilliard, an economist with Société Générale in London, told The New York Times.

The Bank of England voted against expanding its £200 billion, or $318 billion, economic stimulus. Britain's economy grew 1.1% in the second quarter, the fastest rate of growth in four years.

In Frankfurt, The European Central Bank also meets today to decide interest rates. It is widely expected to leave its benchmark rate unchanged at 1%.