BoE stays on hold

FXStreet (Córdoba) - The Monetary Policy Committee of the Bank of England decided to keep its key lending rate at a record low of 0.5% Thursday, where it has stood since March 2009. The BoE also decided to maintain the amount of its bond-buying program at £375 billion.

The BoE has said it aims to keep rates low at least until the UK unemployment rate drops below 7%, which it doesn't expect it will happen until 2016. Officials however have said in the past that the unemployment rate constitutes a threshold, rather than a trigger for rate hikes.

The minutes from the May 8 meeting will be published on Wednesday, May 21.