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		</div><p>The Bank of England has marked seven years of record low interest rates by keeping the cost of borrowing on hold once again.</p>
<p>All nine policymakers on the Bank&#8217;s Monetary Policy Committee (MPC) voted to keep rates at 0.5%, where they have remained since March 2009.</p>
<p>The MPC said &#8220;little had changed&#8221; in its outlook for growth since it slashed its economic forecasts last month and warned the UK was being buffeted by &#8220;unforgiving&#8221; conditions in the global economy.</p>
<p>It also said there appeared to be &#8220;increased uncertainty&#8221; about the forthcoming referendum on the UK&#8217;s membership of the European Union, which caused the value of sterling to plummet against the dollar.</p>
<p>It said: &#8220;That uncertainty is likely to have been a significant driver of the decline in sterling. It may also delay some spending decisions and depress growth of aggregate demand in the near term.&#8221;</p>
<p>It also said the boost for the EU economy from improving credit conditions and lower oil prices was likely to fade, &#8220;placing more of a burden on policy to support demand&#8221;.</p>
<p>The committee also stood by its stance that the next move for rates would be a rise rather than a cut, stating &#8220;it was more likely than not that Bank Rate would need to increase over the forecast period&#8221; to meet its inflation target of 2%.<span id="more-87459"></span></p>
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