Yes, We can Change

UK interest rates have been held at 0.5% by the Bank of England, marking three years since rates were first cut to the record low. Many analysts expect rates to remain at that level for at least another year. The monetary policy committee (MPC) also decided to make no change to its quantitative easing (QE) programme. QE is the bank's scheme to boost the economy by buying bonds. Last month the bank boosted spending on it by £50bn, taking the total stimulus to £325bn. The BoE started its QE programme, which buys mainly government-issued bonds in an attempt to free-up cash for lending, in 2009. Ian McCafferty, chief economic adviser at the CBI business group, said: "Since the MPC has been signalling that the current policy stance is broadly appropriate, it appears that the economic climate would have to deteriorate to prompt a further extension of QE. "Nevertheless, with economic conditions fragile and the level of uncertainty high, monetary policy dec...

Passengers using London's transport network today are facing up to an increase in fares. The average price has risen by 5.6% with Tube, bus, London Overground, Docklands Light Railway, boats and Tram services affected. The cost of a single ticket on London Underground from zone one to two will rise 8% - from £2.50 to £2.70. Transport for London (TfL) said the rise was to ensure transport upgrades and frontline services were protected. Mayor of London, Boris Johnson, said the increase would have been greater without £136m of extra government money. TfL said the investment programme which the increased fares fund, includes upgrades to the Tube and the delivery of Crossrail - the east-west rail line. Sent from my BlackBerry® smartphone