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"Developments in the eurozone remain the key risk to the UK's economic prospects"
- Ian McCafferty, chief economic adviser of the CBI employers' organization
The Bank of England's Monetary Policy Committee Thursday decided to keep key interest rate at record low of 0.5 percent and hold quantitative easing program at 275 billion sterling, despite worries that the economy is losing steam.
"With the Bank's current round of asset purchases likely to run into early next year, this decision to keep monetary policy on hold is in line with our expectations," said Ian McCafferty, chief economic adviser of the CBI employers' organization.
"Developments in the eurozone remain the key risk to the UK's economic prospects. While there are encouraging signs that progress will be made at this week's summit, it's clear that the situation is at a critical juncture."