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Financial News Network
February 20, 2011 AT 8:07 PM
This morning the Bank of England announced that it will keep its benchmark interest rate at 0.5% and will keep their bond buying program at 200 billion pounds. Despite the uptick in inflationary pressure, the BoE is maintaining its current stance in order to ensure Britain's recovery remains on track.Many economists in the U.K. believe that the BoE is delaying a change in its current policy until further data is available regarding the economic rebound. The monetary policy committee is led by Mervyn King who will present additional data at a press conference next week.U.K. inflation has risen to 3.7% in December, which is above the BoE target of 2%.